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Meat Eaters Now Have A Beef With The U.S. Economy

While overall food inflation is not rising as fast as it has been, according to the latest Consumer Price Index (now at a nearly three-year low) there is one ‘meaty’ exception: Beef.

The latest Consumer Price Index report from the Bureau of Labor Statistics shows beef prices are up 7.7%, with steaks up by 10.7%

Beef Prices Could Hit Record Highs In 2024… Here’s Why:

American Farm Bureau Federation (AFBF) warned we could soon see record-high beef prices. A primary driver of these record highs is limited cattle inventory due to droughts as well as the recent wildfires in the Texas panhandle, both of which bringing devastating effects on ranches and cattle in the area. At the start of the year, the estimated U.S. cattle inventory was the lowest since 1951

An American Icon: The Hamburger

So, while things on the overall food front are looking better than they have in years (food prices are up 2.2%, lowest since May 2021), the price for an iconic hamburger has risen. This has created a higher inflation perception, partially driven by America’s national hamburger chains that have long been considered a small luxury for many low-income families (and who have historically prized the sector for its value and affordable pricing) with combo meals now running close to $20

These changes have resulted in a lower-income economic sentiment that can be summarized into one line of thinking…”What’s so good about the American Economy if I can’t afford a hamburger?”

Beefing Up Your Employees’ Bottom Line

On-Demand Pay (one of the fastest growing employee benefits in the U.S. today) helps cash-strapped employees by giving them the ability to receive a portion of their wages whenever they need (at zero cost), thereby giving them better cash controls, money management and overall savings tools

On-Demand Pay is proven to help Employees:

✓ Save up to $1,200/year

✓ Increase their ability to meet basic needs by up to 32%

✓ 89% of employees feel more motivated and productive

Rellevate’s Revolutionary PayCard with its embedded Pay Any-Day feature is a zero-cost, On-Demand Pay employer advantage

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