Consumer Beef Prices Continue Uphill Hike

Consumer beef prices continue to rise, driven largely by strong domestic and international demand, labor shortages, supply chain disruptions and high input costs, to name a few. Wholesale beef prices climbed 14.2% from July to August 2021, and prices are expected to increase as high as 20% by the end of the year. September saw beef and veal prices already sit 12.7% higher than a year ago. Beef isn’t the only meat climbing in cost, poultry and fish now sits upwards of 5.5% higher, which has already exceeded the 4% to 5% increase last month. Pork prices are climbing, too, expecting to increase between 6.5% to 7.5% from last year’s prices. Overall food inflation is at 3% to 4% this year, regardless of grocery or restaurant locations. Read more on grocery store prices and meat price hikes.