Austrian pork prices are rising rapidly.

According to the head of that nation's pig trade, every fourth hog farmer in Upper Austria is on the verge of bankruptcy.

According to the Austrian newspaper WochenBlick, pork prices in Austria increased by 40% in less than two months, while the amount of meat sold decreased by 20% in May alone as buyers opted to buy cheaper items like rice, pasta, and potatoes.

In a media interview, Johann Scheerer, the head of Schweineboerse, remarked, "I've been in this company for more than 30 years, and I've never experienced so many urgent conditions. "The daily beating is what affects the farmers the most."

Due to the rising cost of living, fewer and fewer people are choosing premium pork, pushing 500 of the region's 2,000 farms to the verge of bankruptcy.

The increase in prices is ascribed to ineffective measures taken by the government to mitigate the effects of the Covid-19 outbreak. The confrontation between Russia and Ukraine, coupled with pressure from sanctions, has only made the current crisis worse and caused raw material, fertilizer, and fuel prices to reach record highs.

The sixth set of sanctions against Russia was approved by EU leaders last week and includes an oil embargo. The deadline for member states to stop importing Russian crude through pipeline or ship is six months, while the deadline for them to stop buying refined petroleum products is eight months.

As a result of starting a military action in neighboring Ukraine on February 24, Russia has been subject to hitherto unheard-of sanctions. The supply of food, fertilizers, and energy to international markets is apparently in jeopardy as a result of the penalties and Moscow's retaliatory actions.

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