In some new analysis of retail scanner data, Glynn Tonsor and I find rising price sensitivity of most pork products in the recent era of high inflation. That’s not true for some products - like bacon.
We tackled this issue in a couple different ways, but the table below shows how pork product elasticities have varied on an annual basis since 2017. So, for example, at the aggregate product level, back in 2017, a 1% increase in the price of pork was associated with a 0.78% reduction in the quantity of pork consumers demanded. This year, that same 1% price increase is associated with a 1.18% reduction in quantity demanded. This heightened price sensitivity has coincided with a period of high economy-wide inflation.
You can read the whole report here.