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?”
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