Beef prices across many cuts are getting cheaper, according to The Wall Street Journal. After a year of steady increase, some cuts have seen a drop in consumer demand, contributing to lower prices.
Other factors for decreased beef prices are better staffing in meat facilities, as well as supermarkets’ tendency to offer more discounts on often-expensive beef cuts like rib-eye and New York strip.
Some of the largest price increases at the grocery store have been within the meat section, forcing shoppers to shift to cheaper cuts and protein alternatives. Since June 2021, overall beef prices have seen a steady two-month-long decline in the period leading up to August 7. In the first month, prices fell 1 percent, then they fell an additional 0.7 percent according to data provided by the IRI.
Prices for specific cuts, like rib-eye and beef loin, are down even further: seeing an almost 10 percent fall in the four-week period before August 7. On the other hand, ground beef is still largely in demand, and has seen a 7 percent increase over the same period, still considered modest when compared to the nearly 20 percent increase it experienced in January this year.
Beef cut prices may be at risk for increases across the board, however, as the U.S. cattle supply declines. In the next two years, Tyson Foods CEO Donnie King told The Wall Street Journal that he expects the company to pay more for cattle as a result. Full Story (Subscription Required)
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