Price promotions on steaks have been a powerful influence on retail beef purchases in recent months. Deep discounts made steak 10% cheaper on average than a year earlier in February. The resulting 15% volume sales growth vindicated the multiples' faith in demand elasticity, an inconvenient outcome for producers and processors complaining of price pressure from supermarkets. More surprising was the 9% extra cash generated by 4.5% growth in bacon purchases, ironic against the background of pig industry crisis. {{MEAT }}

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