A further sharp drop in the value of the euro against the pound has boosted GB beef prices towards the top of the EU price league table.
On Wednesday (9 May), the euro dipped to £1.2428, about 9% weaker than the same time last year. Dogged by economic difficulties and political uncertainty, the weak euro makes domestic meat more expensive in export terms, turning the league table on its head.
“In recent years, the league table of EU prices has generally shown the Greeks and Italians to have the highest prices,” said a report by the Livestock and Meat Commission in Northern Ireland.
“In the past year, however, different rates of price increase around Europe, coupled with exchange rate fluctuations have meant that in the third week of April, GB, NI and ROI prices were in the top four in the league table (expressed in euros).”
GB and NI prices had increased by 8c/kg and 11c/kg, respectively, over the past month, to 417.5c/kg and 410.7c/kg. “This was driven by a mixture of exchange rate developments and rising domestic prices.” Greece remained top of the table, at 425.6c/kg.