Ground beef prices in the US reached an all-time high of $5.80 per pound in April, fueled by the ongoing reduction of cattle herds following severe drought and pandemic effects. Live cattle futures have also seen a spike, increasing by nearly 12% this year. Experts indicate that consumers may be forced to make trade-offs, opting for lower-cost meats or plant-based options. With cattle inventories expected to reach their lowest levels in 74 years, the situation suggests continued increases in beef prices, impacting summer barbecue costs significantly.
"Many consumers have reached the ceiling of what they can afford," Till Dudler, managing director of global consumer goods and services strategy for Accenture, told Business Insider.
According to Federal Reserve Bank of St Louis data, the average price of a pound of ground beef in US cities in April was a record $5.80.
The Department of Agriculture expects cattle inventories to decline to 86 million head this year, which would be the lowest level in 74 years.
When the pandemic struck, the US experienced one of the worst droughts in the past century, so suppliers started to reduce cattle herds.
Collection
[
|
...
]