Amid Inflation, Consumers Have a Beef with Beef Prices

 

Marcy Kreiter, The Food Institute

Aug 1, 2022

 

Beef lovers have a tough choice to make these days: switch to cheaper proteins or swallow the more than 11% increase in beef prices from 2020 levels, averaging $5.40 a pound in June.

 

And though chicken is up 24% for the same period, consumers are flocking to the poultry case to snap up dinner for a bargain average price of $1.83 per pound.

 

The pandemic and climate change have hit food prices hard, with prices up more than 10% from last year. Throw in the switch to cheaper types of meat and meat substitutes, and the beef industry is facing a less than rosy forecast. Beef magazine reported U.S. beef consumption is expected to fall 2.2% this year. Cattle inventories also are down, and beef exports are expected to fall.

 

CONSUMPTION PROJECTIONS ...

 

CHANGING SHOPPING HABITS ...

 

RESTAURANTS REACT ...

 

ONLINE SALES RELATIVELY STRONG ...

 

JERKY DEMAND STRONG ...

 

more, including links

https://foodinstitute.com/focus/amid-inflation-consumers-have-a-beef-with-beef-prices/