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What Snapped? US Ground Beef Retail Prices Jump Most Since Covid Meatpacking Crisis

Friday, July 12, 2024 19:27

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The latest data from the United States Department of Agriculture (USDA) reveals that monthly retail ground beef prices just recorded their most significant increase since early 2020, a period in time when major meat processing companies were shuttering plants nationwide. Prices of retail ground beef per pound jumped to new highs in June, with data going back to 2008. This is more bad news for the middle class, which is under severe financial pressure with elevated inflation and high interest rates, resulting in a pullback in consumer spending ahead of the presidential elections this fall.

Let’s start with the 6.294% rise in June’s retail ground beef prices, marking the largest monthly increase since the 10% spike in May 2020. Back then, the theme was that the closure of packaging plants would crimp production. Now, it’s the summer grilling season as US cattle inventory plunges to the smallest size in 73 years.

The average supermarket price for ground beef jumped .324 cents in June to a new record high of $5.472. USDA data goes back to 2008.

Under President Biden’s first term, the percentage change of ground beef per pound has jumped a whopping 38%!

Readers have been well informed about ‘beeflation’ and why it’s happening:

Soaring beef prices comes at a time when the middle class is suffering in the era of failed Bidenomics. We have cited a number of reports from corporate America and top Wall Street analysts who are warning about a consumer slowdown:

If the US had a ‘strategic beef reserve, ‘ now would be the time to dump beef into the market. Otherwise, consumers should brace for even higher prices, with the US herd size unlikely to increase anytime soon.

Tyler Durden Fri, 07/12/2024 – 18:40

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