If you enjoy a good steak or a freshly grilled burger, brace yourself. The news isn’t good. Beef prices, which have been rising since last year, continue to rise. According to the USDA, you can expect that trend to continue, with increases of 5 to 6% this year. Why? Simple supply and demand, with a lot of help from Mother Nature. Beef production has been severely curtailed since last year because of drought. Combine that with higher consumer demand, and you get a perfect storm of pricey beef.
The result: increased prices are often passed on to the consumer. Prices for steak, hamburgers and the like have gone up at many restaurants, and good luck if you’re hoping to save a little money by buying your own beef at the grocery store. The average price of fresh beef just hit another record high in March, at $6.079 per pound.
The prime meat market is very high right now and there is not a whole lot of relief in sight. The chart below shows a price increase from over the past two years of 3 dollars a pound. Please contact our sales staff about other cuts of meat and alternatives to ride this wave out.
Take a look at the ribeye chart as an example. On May 20-the USDA reported $8.19. Last week $13.40 was reported. In three months prime ribeyes have gone up over $5. and over $5 y vs y as well and strips $6 y vs y.