"There is not much relief in sight as long as supplies are tight and consumers keep buying," one expert told Newsweek.

Beef prices surged to an all-time high in July as the market grappled with consistently strong demand and long-term issues in domestic production.

According to the latest consumer price index, which the Bureau of Labor Statistics published on Tuesday, the beef and veal index rose by 2.5% in July, compared to 0.2% for the broader food category. This capped an 11.3% increase over the past 12 months.

Meanwhile, the price of ground beef and uncooked beef steaks has risen by 11.5% and 12.4%, respectively, both now at record levels.

  • Boddhisatva@lemmy.worldEnglish
    371·
    5 hours ago

    This is not the cure. As the article says:

    High prices are the cure for high prices because they are the signal for ranchers to try to expand their herds.

    This will lead ranchers to expansion expand their herds.

    • quick_snail@feddit.nl
      2·
      1 hour ago

      Not true. Lots of chicken farmers decided to switch their infrastructure to growing mushrooms in the past decade.

    • FragrantGarden@lemmy.todayEnglish
      7·
      5 hours ago

      Correct, and greater consolidation. This has already been a long trough in the cyclical cycle. A ton of older ranchers are looking at the prices and just selling with no intent to calve another herd. Not a ton of young people lined up behind them. But economics will dictate that the herd is built back up in another 2-3 years as always.