Editorial

The Curious Case of Disappearing Lab-Cultured Meat

Since both Upside Foods and Eat Just, Inc. are capable of producing their products only in laboratory-scale plastic roller bottles with manual fabrication, their cultured chicken was served only at a gourmet restaurant.  Bar Crenn in San Francisco has apparently ceased serving dishes incorporating cell-cultured chicken from Upside Foods. This is either due to non-availability or the evident satisfaction of curiosity among patrons.

 

Upside Foods claims that cell-cultured chicken will soon be promoted in various restaurants. As with previous promises to media and investors that have failed to materialize, the Company has declined to provide either venues or dates.

 

Cell-cultured meat and seafood will only come of age when it appears in supermarket display coolers, priced competitively with real meat, poultry and seafood that it intends to displace.  To achieve commercial scale, aspirant manufacturers will have to use large bioreactors. This has yet to be achieved. Numerous technical problems will have to be resolved before marketing cell-cultivated meat with organoleptic properties including taste, appearance and texture comparable to conventional meat and poultry.

 

Legislators in beef states, in concert with their counterparts in France and Italy are enacting laws to either impose restrictive labeling or to ban cell-cultured meat outright. In contrast provisional government approvals have been granted and public-sector support provided in some nations.  Legislation would appear to be premature given the technological and financial hurdles that have yet to be overcome. The beef and poultry industries should not be concerned over potential competition from cell-cultured products.

 

Those who should be worried are the venture capital investors who have committed millions in funding to start-ups and a few established companies with little prospect of a return. The promise of cell-cultured meat in commercial quantities is based on hype, deception and unrealistic projections of production capacity and consumer acceptance.  It is interesting to observe how the justification for cell-cultured products has shifted from livestock welfare to sustainability.  Life- cycle projections of the energy requirements suggest that cell-cultivated meat is inferior with respect to sustainability than conventional beef and poultry when all inputs are taken into account.

 

The entire sector has a whiff of Theranos about it that will only be dispelled through production of adequate quantities of acceptable products at a competitive price to real meat and poultry.

 

Poultry Industry News

FSIS to Exclude Vaccine Strains of Salmonella from Performance Standards

The Food Safety and Inspection Service (FSIS) of the USDA has announced that vaccine strains of Salmonella administered to flocks would be excluded from calculations applied to establish the status of plants under the Raw Poultry Performance Standards.

 

It is recognized that vaccine strains are innocuous given multiple gene deletion and with their biological activity confined to stimulating an antibody response. The decision by the FSIS was based on an analysis of data from eleven pilot projects evaluating pre-harvest strategies.

 

Dr. Ashley Peterson, NCC Senior Vice President of Scientific and Regulatory Affairs, stated, “Companies will no longer be penalized for using a Salmonella vaccine should the strain be detected in the processing facility by FSIS.”

Before the change in FSIS policy that will be effective on April 1st, any vaccine strain Salmonella isolated counted against the participating establishment and effectively served as a deterrent to vaccination as a viable intervention measure.  The change in policy will be beneficial to producers and ultimately, consumers given the efficacy of vaccination.


 

Welfare Organizations Urge Implementation of Proposed Packers and Stockyard Rules

Approximately seventy organizations representing small-scale farmers, activists, trade unions and environmental groups have addressed a letter to the President urging implementation of “Rules to revitalize the Packers and Stockyards Act as a critical pro-competition law designed to protect family livestock producers from abuse in the marketplace”.

 

The collective groups urge stronger protection for individuals considered to be vulnerable in the marketplace. The letter supported other Administration anti-trust enforcement.  The organizations expressed concern that the Fiscal Year 2024 Agriculture Rule Development and the FDA Appropriations Bill would delay or inhibit USDA action on proposed rules.


 

Activist Organization Petitioning FSIS over Welfare Jurisdiction

Animal Partisan has petitioned the Food Safety and Inspection Service to allow intervention by state personnel to enforce welfare in federally-inspected plants.

 

The Animal Partisan petition filed in early September 2023 requires FSIS to “publish a notice clarifying that federal law does not necessarily prevent state government officials from bringing animal cruelty charges when farmed animals are abused in slaughter plants”.

 

Subsequent to the filing, the Animal Welfare Institute issued comments supporting the Animal Partisan petition noting that “it could significantly improve the welfare of animals at slaughter”.

 

If granted, the petition would create a problem of divided jurisdiction and encourage activists in state agencies to intervene and bring legal action against processing plants that function under federal jurisdiction.

 

If there are deficiencies in handling live animals and poultry before slaughter, it is the responsibility of federal inspectors to enforce provisions of the Humane Methods of Slaughter Act and the Poultry Products Inspection Act.


 

Dissent in the E.U. Over Cell-Cultivated Meat

The E.U. Food Safety Authority has yet to make a decision on the acceptability of cell-cultured meat. There is clear division among nations of the E.U. with opposition based on narrow concerns supporting existing agricultural systems contrasted with environmental considerations.  Twelve E.U. nations consider cultivated meat to “represent a threat to primary farm-based approaches and genuine food production methods that are the heart of the European farming model.” 

 

This approach is exemplified by Italy and France among other nations that have enacted legislation banning the sale of cell-cultivated meat although of questionable acceptance by the E.U. Some nations including Germany, the Netherlands, Spain and the U.K. have promoted cell-cultivated meat based on environmental motives and promotion of technology.

 

The entire question of whether cell-cultivated meat should be banned or promoted may be moot.  There is growing evidence that consumers may sample cell-cultivated meat provided it is available at a price that is competitive compared to the real product but there is evidence that potential buyers view the entire technology with suspicion.  The second and most important restraint to extensive production and consumption of cell-cultivated meat is the fact that no company has successfully transitioned from pilot scale to commercial production using bioreactors.  The likelihood of companies producing sufficient quantities of product with the organoleptic qualities of pork, beef, chicken and lamb is unlikely even in the intermediate term.  Cell-cultivated meat is not going to reverse deforestation to produce beef or reduce greenhouse gas emissions from animal waste despite the hype. Currently broilers and eggs have the smallest environmental footprint among animal products and contribute to the availability of inexpensive and nutritious protein.


 

K&N’s Wins Federation of Pakistan Chamber of Commerce Achievement Award

K&N’s an integrated producer and processor has once again received an Achievement Award from the Federation of Pakistan Chamber of Commerce and Industry.  This recognizes outstanding service to the poultry and frozen food industries of the Nation.  Other considerations include meritorious service to the business community and contribution to the industry and to national economic development.

 

K&N’s is a second-generation enterprise founded 60 years ago. The company is integrated from parent stock multiplication, through production and sale of broilers, feed production and processing. The Company pioneered distribution of branded products in Pakistan with a wide range including whole chickens, premium cuts, further-processed breaded portions and ethnic dishes including kabobs and samosas.


 

USAPEEC Actively Involved in Trade Issues

According to the February 19th edition of USAPEEC MondayLine, the Trade and Technical Services Team has been active in attempting to resolve recent trade issues.  These include an unjustified closure of the market in Columbia, the Certificate of Conformity issued by the Republic of Congo and interpretation of changes in import regulations especially with respect to Mexico.

 

USAPEEC is also active in arranging and hosting visits by officials of importing nations to evaluate health and food safety procedures in U.S. plants.  A visit during early May is anticipated from the Republic of South Africa that recently rescinded some duties on imported chicken.


 

Protection for Producers Under the Packers and Stockyards Act

Senators Jon Tester (D-MT) and Chuck Grassley (R-IA) are urging the relevant House and Senate committees to oppose policy riders and to resist lobbying pressure in the FY 2024 Agriculture Appropriations Bill that might restrain the USDA from protecting suppliers.

The Senators point to the 85 percent control of the domestic beef packing segment by four companies and the domination of hog packing with four companies controlling approximately  75 percent of capacity.  The top four broiler integrators represent 55 percent of production but contracts and the unique relationship between the parties mitigates against exploitation.


 

Child Labor Persists in Contract Cleaning Sector

The U.S. Department of Labor has filed for a temporary restraining order on Fayette Janitorial Services, LLC to prevent employment of minors in plant-cleaning operations.  According to documents submitted to the U.S. District Court for the northern district of Iowa, the company has employed minors in sanitation activities at plants in Iowa and Virginia.

 

A spokesperson for Perdue Farms that terminated the contract with Fayette prior to the Department of Labor action, stated, “Underage labor has no place in our business or in our industry.  Perdue has strong safeguards in place to ensure that all associates are legally eligible to work in our facilities and we expect the same of our vendors.”

 

The Department of Labor is intent on enforcing federal law relating to employment of children in dangerous occupations and generally safeguarding workers.

 

Fayette Janitorial Services, LLC, based in Somerville, TN, operates in 30 states with 600 employees.

 

In addition to contravention of child labor laws, the investigation will also include possible trafficking and exploitation. If documented, cases will be referred to the Department of Justice.


 

Ukraine Chicken Industry Resilient During War

According to USDA-FAS GAIN Report, UP2024-0004, released February 22nd, chicken production in 2024 will expand by 3.1 percent to 1.340 million metric tons.  Total imports will attain 52,000 metric tons and exports 440,000 metric tons with net exports representing 29 percent of production.  Of the 952,000 metric tons for domestic use, per capita, will attain 26kg (57 lbs.) assuming a population of 37 million.

 

Despite the invasion of Ukraine by the Russian Federation in 2022, the chicken industry has survived and expanded.  This, in part, is due to the location of facilities in the central and western regions of the Nation together with the availability of grains at relatively low cost.

 

Production in Ukraine is dominated by MHP SE, responsible for 70 percent of output.  This public-traded company has received loans through recent critical periods and enjoys the benefits of full integration from cultivation of feed ingredients, oil seed crushing, live production, processing and distribution.  In addition to MHP, medium-sized producers include Agrooven, Dniprovskyi, Volldymyr-volynsk, PTA Hofabryka, Hubyn and Ular.  Collectively, MHP and these companies are responsible for 90 percent of production.

 

Following the 2022 invasion, supply chains were disrupted and the Black Sea export route was closed.  Labor availability was impacted by workers who volunteered for military service and as a result of conscription.  During late 2022 and through 2023, infrastructure was repaired and the front line in the east of the nation was stabilized.  Following the collapse of the Black Sea Grain Initiative, Ukraine established export capability through the coast-hugging Humanitarian Corridor and by rail transport. Currently exports are restrained by a shortage of refrigerated containers.

 

The E.U. is the main importer of chicken from Ukraine based on tariff-free and quota-free market access granted by the European Commission. Other factors favoring Ukraine include proximity to E.U. markets and a favorable production cost relative to Eastern Europe.

 

Europe intends to impose tariffs above a level of 160,000 metric tons although below exports to the E.U. in 2023. In the event that Ukraine becomes non-competitive above the free-trade level as a result of tariffs, the nation will explore export opportunities for exports to the Middle East.

 


 

Kemin KemTRACE® for Turkeys

Kemin Industries has received approval for the use of KemTRACE® Chromium in growing turkey diets.  The product supplies 0.2 ppm chromium to feed at an addition rate of one pound per ton of the 0.4 percent commercial product.

 

In a trial conducted at North Carolina State University, KemTRACE® Cr was evaluated in turkeys grown through 84 days of age in replicate floor pens.  Treatments comprised a non-supplemented control and 0.2 ppm chromium propionate supplement.  Average daily gain was numerically higher in turkeys receiving the KemTRACE® Cr supplement at 0.2ppm attaining 106.7g per day.  Turkeys receiving the control diet, that analyzed over 2.0ppm of chromium, gained 101.9g per day.  Feed conversion efficiency was significantly improved compared to the controls at 2.18 to 2.11 for the supplemented treatment.  Given the duration of the trial and daily weight gain, live weights of the control and treatment were respectively 8.62kg and 9.03kg.  Effectively, chromium supplementation provided 410g of additional live weight or 320g of RTC mass but required the consumption of an incremental 168g of feed.

Concurrently, it was demonstrated that a supplementation rate of five times the approved level attaining 1.0 ppm chromium had no deleterious effect on live performance or hematologic or blood chemistry parameters in turkeys through 84 days of age. 

 

Human food safety of chromium supplementation was demonstrated by assays of liver, muscle, kidney and skin with adherent fat and demonstrated only small increases in chromium concentrations in edible tissues. It was concluded that supplemental KemTRACE® Chromium at five times the approved level (1.0ppm) would have minimal effect on total chromium intake by humans.

 

Spears, J.W. et al. Chromium Propionate in Turkeys:  Effect on Performance and Animal Safety, Poultry Science doi.org/10.1016/j.psj.2023.103195

Spears, J.W. et al. Chromium Propionate in Turkeys:  Effects on Incident Sensitivity, Poultry Science doi.org/10.1016/j.psj.2023.103215

Spears, J.W. et al. Chromium Propionate for Turkeys:  Effects on Tissue Chromium Concentrations in Human Food Safety, Poultry Science doi.org/10.1016/j.psj.2023.103196


 

TARGAN Develops First Automated Gender Sorter for Broiler Hatcheries

TARGAN Inc., based in Raleigh, NC, has developed the WingScan™ feather-sexing system for broiler chicks.  The WingScan system comprises a multilevel conveyer system to channel chicks into a single file for passage through a machine-vision detector that can differentiate between fast and slow feathering wing plumage. The system  is engineered to integrate with existing hatchery automation equipment,  and will incorporate TARGAN’s  individual chick vaccine delivery system in the future.

 

TARGAN has combined chick-handling technology developed during the 1990s with contemporary machine vision and AI. Under the direction of Ramin Karimpour a team of engineers and bio-scientists has applied modern detection systems and electronics to produce a multi-patented commercial and practical installation to separate male and female broiler chicks.

 

The WingScan system is modular with each module capable of processing up to 50,000 chicks per hour with up to 98 percent accuracy.  Chicks are loaded onto the system and are successively separated into a single track by gently transiting a cascade over three conveyor levels.  The system is designed to minimize chick stress and physical handling, contributing to optimum growth and livability during the first week after placement.  By placing multiple 8-lane WingScan units in parallel, it is possible to increase throughput by increments of 100,000 chicks per hour to accommodate required hatchery capacity.

 

Click image to watch video

 

The business model applied by TARGAN is based on an equipment-as-service  paralleling the situation with in ovo vaccinators.  This is considered essential for an emerging technology since it absolves integrators from making large, initial capital investment without long-term confirmation of functionality and benefits.

 

It is possible to manually differentiate chick gender using feather-sexing strains.  This requires a team of trained workers to handle and inspect each chick before allocation to either male or female chutes on a carousel conveyer.  Although this approach was used by a small proportion of the U.S. broiler industry during the 1980s and 1990s, use was limited by the availability of workers and the incidence rate of ergonomically induced carpal tunnel syndrome.

 

The WingScan system completely automates sorting by gender at a cost equivalent to manual processing. WingScan has a far smaller footprint than carousels and is suitable for retrofitting to existing hatcheries. The rate of processing expedites chick handling to ensure early delivery to farms.

 

TARGAN provides a practical method to differentiate gender at the hatchery.  Integrators derive benefits associated with lower live-bird cost and greater uniformity at processing, by reconfiguring placement programs and schedules to achieve desired uniformity.  The potential benefits from separate gender grow-out accrue from a lower live bird cost that can be achieved from precision feeding according to the relative growth rates of male and female broilers in separate flocks.  There is probably less competition with single-gender placement and adjustment of feeder and drinker lines is simplified without compromising availability.  Financial benefits can be derived through reconfiguring placement and harvesting schedules, training of contractors and service people to the realities of separate gender grow-out including feeding programs and post placement vaccination.  Separation of male and female chicks at the hatchery does not necessarily guarantee a financial return, but provides the basis for integrators to realize significant financial return  through their changes to existing straight-run grow-out.

 

TARGAN has developed an alliance with a major integrator allowing field evaluation of both the operational aspects and financial benefits.  This integrator produces a range of heavy broilers for portioning, conventional weights for whole-bird sales and small birds with a narrow weight range for QSR-portioning.  Clearly, separate-gender grow-out will have benefits at the two extremes of live weight both with respect to live bird production and processing.

 

TARGAN will have a receptive market in Brazil given the structure and export orientation of that industry.  In addition, importers in Middle Eastern nations require a narrow range of carcass weights within predetermined fixed-weight categories for bagged birds ranging from 900g to 1,300g. 

 

Although male and female chicks are placed separately with an anticipation of standard growth rate for a strain, biological factors including variability in nutrient quality, climatic extremes and disease challenge may result in deviation from standard daily gain. This requires fine-tuning of predicted harvest age to attain a predetermined live weight and uniformity.  A complementary technology to WingScan™ would be a machine-vision system to determine average bird weight in real-time based on continuous scanning of the flock.  Portable units could be placed in grow-out houses within two weeks of harvest to monitor weight and daily gain to optimize the uniformity of flocks delivered to the processing plant.

 

TARGAN has developed a practical method of separating male and female broiler chicks using its patented WingScan system.  Financial benefits to integrators will derive as they work on  appropriate flock management, nutrition and scheduling of placement and harvest.


 

R-CALF Requesting Exemption from EPA Environmental Reporting Regulations

In 2021, the White House issued a Presidential Executive Order directing the EPA among other federal agencies to intensify action to mitigate climate change.  Accordingly, all concentrated animal feeding operations (CAFOs) were required to determine and report on emissions, a demand considered both impractical and burdensome.

 

R-CALF (Ranchers-Cattlemen Action Legal Fund-United Stockgrowers’ of America) has requested the EPA to define and classify feedlots according to capacity ranging from family farms to CAFOs with up to 50,000 head. R-CALF has requested exemption for family farms and operations using grazing, irrespective of the presence of corrals or other structures required for handling livestock.

 

R-CALF called on EPA to “refrain from imposing any additional regulatory burdens on America’s family farmers and ranchers.”  The organization makes a valid case that if small family farms are driven out of production by onerous regulations, their capacity would inevitably be replaced by even larger feedlots.

 

Environmental reporting requirements for CAFOs are an important consideration for poultry production complexes with the potential to impose expense and require time to provide data that will ultimately be applied to the disadvantage of the industry


 

Courts Rule Against HSUS over Line Speed Lawsuit

The U.S. District Court for the Northern District of California has ruled against the Humane Society of the U.S. and co-petitioners concerning line speeds in poultry processing plants.  At issue is the USDA New Poultry Inspection System allowing up to 175 birds per minute.

 

The Court ruled that the animal rights groups lacked standing on the issue dismissing the case without prejudice.  This will allow the petitioners to return with an amended complaint.

 

The lawsuit filed in 2020 has little to do with welfare of either birds or workers.  Progressively higher line speeds are now possible due to advances in equipment design. Lawsuits verging on the frivolous are filed purely on the basis of opposition to all forms of intensive livestock production. Innovation that increase efficiency and hence the prospect of enhanced profitability inevitably becomes a targets for legal challenge.

 


 

USDA-AMS Purchases

On February 23rd, the USDA Agricultural Marketing Service announced purchase of of chicken products for child nutrition and related food assistance programs to be delivered over the second quarter of 2024.

 

Purchases included:

  • 20,800 cases of boneless breasts at an average of $72 per case
  • 133 tons of frozen cut-up chicken at $1.91 per lb.
  • 21,850 cases of frozen drumsticks at $29.82 per case
  • 1,861 tons of whole frozen chicken at $0.99 per lb.

The total value of the purchase was $6,295,329

On February 28th the USDA Agricultural Marketing Service announced purchase of 6,984 tons of chilled large chicken in bulk, also for child nutrition and related food assistance programs.  Product was purchased at an average of $1.58 per pound with deliveries during April 2024.

The two purchases amounted to $26,656,018 million.


 

Columbia to Resume Importing U.S. Poultry Products

Following intensive negotiations motivated by USAPEEC, authorities in Columbia have lifted the ban on importation of poultry and egg products from the U.S. Trade ceased in August 2023 as a result of outbreaks of HPAI in various states.

 

Critical to the restoration of trade was the facilitation by USAPEEC for a visit by representatives of Columbia to verify surveillance and control measures.

In 2023, Columbia imported 44,164 metric tons of broiler products from the U.S. before the embargo, valued at $53.8 million.  Prior to termination of shipments in September  2023 Columbia imported 36 percent less product compared to the corresponding months in 2022 with value down 46 percent.


 

NTF Announces 2024 Officers

Officers for the 2024 term were elected by the Board of Directors of the National Turkey Federation at the annual convention held in Austin, TX.  John Zimmerman was elected Chairman, Jay Jandrain as Vice-chairman, Thierry Murad as Secretary-Treasurer.  Steven Lykken will serve as Immediate Past |Chairman.

In his inaugural comments Zimmerman noted challenges in the coming year including HPAI, food safety policies and expanding international trade.

 


 

Hormel Foods Reports on Q1 FY 2024

In a February 29th release, Hormel Foods Corporation (HRL) reported the results for the first quarter of FY 2024 ending January 28, 2024.

 

Hormel Foods no longer identifies Jennie-O Turkey Store as an operating segment.  Turkey products are now incorporated into the financial results for the Retail, Food Service and International segments.

For the quarter, Hormel Foods Corporation earned $218.86 million on net sales of $2,997 million with a diluted EPS of $0.40.  These figures compared to the corresponding first quarter of        FY 2023 ending January 29th.  Net earnings amounted to $217.72 million on net sales of $2,971 million with a diluted EPS of $0.40.

 

For fiscal 2024 Hormel projects diluted EPS in the range of $1.43 to $1.57.

The only reference to Jennie-O for the quarter was a note that “retail volume and sales of    Jennie-O turkey items increased including above-category performance in the fresh ground turkey category.  Jennie-O branded items in food service delivered double-digit volume and net sales growth.”


 

Missouri Beef Packing Plant to Close Over Defective Discharge Treatment

Missouri Prime Beef will close the Pleasant Hope facility in April.  This will impact 335 workers.  At issue was the treatment of effluent to be discharged into the Pomme de Terre River.  The Department of Natural Resources for the state of Missouri denied the company a water discharge petition.  The application elicited over 1,000 negative comments from citizens of the state.  Missouri Prime had a capacity of 750 head of cattle per day and was acquired in 2023 by SDX Beef Company based in Texas. According to press reports the new owners are now reviewing alternative treatment solutions to allow the plant to reopen and restore production and jobs.

 


 

Shane Commentary

South Africa Reconsidering Protection of the Domestic Broiler Industry

According to a February 20th USDA-FAS-GAIN Report (SF2024-0004) the Competition Commission of South Africa functioning under the Department of Trade, Industry and Competition will investigate the broiler industry in South Africa.  The terms of reference are to determine whether the industry is “impeding, distorting or restricting competition in a way that violates the South African Competition Act.”  In a statement on February 6th the Competition Commission believes that “There are market features within several markets in the poultry sector that may undermine competition with material implications for the industry and consumers.”

 

The Competition Commission recognizes the ongoing demands for bail outs and requests for tariffs and anti-dumping duties.  The Commission noted, “while acceding to these demands may protect the domestic industry, it may create negative consequences for consumers generally and low-income consumers in particular that are dependent on chicken for protein.”

 

The Commission’s Terms of Reference will be to determine whether current policy on protection restricts competition from breeding through to distribution.  The Commission review will consider the impact of integration and control over feed and day-old chicks and the situation of small and medium-sized enterprises many of which are owned by “historically disadvantaged persons.” As in the U.S., the Commission will review the relationship between contract growers and integrators and will address “imbalances in bargaining power and information asymmetry”.

The public has been invited to submit comments to guide the investigations and deliberations of the Commission.  It is anticipated that a final report will be completed within 18 months in accordance with statutory requirements.

 

In 2023, South Africa was ranked 18th among importers of U.S. broiler products with shipment of 44,324 metric tons valued at $42.4 million with a unit price of $957 per metric ton.  Imports were 20 percent down on volume and 22 percent lower in value compared to 2022.  Removal of tariffs and dumping duties would make the U.S. and other exporters more competitive to the disadvantage of the domestic industry.  High costs of labor, ingredients and power have resulted in domestic production costs exceeding the landed cost of leg quarters from the U.S. and MDM and whole chicken from Brazil and the E.U. despite the transport differential.

 

The announcement of the Competition Commission inquiry coincides with a decision by the Trade Administration Commission to introduce rebates on boneless and bone-in chicken to increase supply and reduce cost to consumers.

 

The decision by the Government to establish an inquiry by the competition commission confirms that the political and lobbying power of the South African Poultry Association is waning.

 

Effectively the Government of South Africa has essentially thrown the broiler industry under the bus. This reality is based on the Senator Huey Long political principle of a “chicken in every pot”.  The African National Congress government is facing extreme opposition from the left based on its inability to govern, the deteriorating economic situation, interruption in power and water supplies and rampant crime.  The Government is expected to lose its majority in Parliament following the national election to be held at a yet to be announced date in coming months with the prospect of a coalition among parties.

 

Recent economic statistics for South Africa suggest a deteriorating situation with gross domestic product down 0.7 percent in 2023, consumer prices up 5.2 percent, an acknowledged unemployment rate of 32 percent, 10.1 percent interest rate on 10-year government bonds and a six percent deterioration in the exchange rate of the SA Rand against the U.S. Dollar

 

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