“All meat prices are up, but beef prices are up disproportionately higher than the rest of the protein prices,” says Arun Sundaram, an analyst at Wall Street research firm CFRA. Here’s how the increase in beef prices compares to the price increase of other proteins over the past year, according to BLS data. Beef and veal: 20.1%.
Beef prices are rising more than most other meat prices. But on the ranch, these are not prosperous times. Even as ground chuck costs more than $5 a pound at Walmart, ranchers complain that they are receiving less for their animals than it costs to feed them.
So, why have beef prices increased?
Dry conditions across the country. It throws a wrench in the pasture and hay production critical for cattle, says Mc, and cullock. The JBS ransomware attack — which pushed some of its plants offline — “certainly didn’t help” with packaging companies trying to keep up, Derrell Peel, an agricultural economist at Oklahoma.
The accelerating price increases have fallen disproportionately on lower-earning households, which spend a significant portion of their incomes on food, rent, and gas. Food banks are struggling to assist the needy, with beef which is why we are.
Why is beef so expensive Right Now?
What is causing meat prices to rise ?
Even though the plants are open again, Lusk writes that producers and distributors are dealing with the extra costs of pandemic-related measures like social distancing and protective equipment.
Why is meat getting expensive?
How much of each cut is availablethe popularity of each cutthe socio-economic make-up of the customer basewhat the competition is chargingwhat they have paid and outlaid for the meat so far.
Is buying a side of beef worth it?
Buying beef in bulk can be an excellent deal, but not for everyone. Buying a side of beef is a good choice if you like to cook, you eat a lot of meat, you have storage space, and quality is important to you. Superior quality meat — Grocery-store meat is aged 5-7 days.