What shoppers should know as beef prices continue to rise
Over the past year, the price of beef has been steadily increasing, leaving consumers in sticker shock at checkout.
Ahead of Labor Day weekend, when many Americans may plan to fire up the grill for a final summer gathering with burgers or steaks, the cost of the red meat proteins may mean a menu reset for the holiday weekend.
According to the latest Consumer Price Index data from the Bureau of Labor Statistics, ground beef prices rose 11.5% and beef steak prices rose 12% compared to this time last year.
The meats, poultry, fish, and eggs category was up 0.2% last month, according to CPI data, with a 1.5% increase in the beef and veal index specifically.
In June, beef prices hit a record $9.26 per pound, according to the USDA.
Agricultural economists have pointed to several reasons for the rising costs.
Dr. Michael Swanson, chief agriculture economist for the Wells Fargo Agri-Food Institute, explained that beef -- from how it's produced, distributed, sold and consumed -- is "fragmented and complex," which makes pricing recovery slower and more unpredictable.
Some of the factors he cited as potentially fueling the surge in prices included lingering droughts that shrank cattle herds and will take years to rebuild.
Additionally, an influx of screwworm outbreaks in beef cattle prompted the government to halt imports from Mexico, according to the USDA.
Swanson also said that misconceptions around tariffs that can get baked into overall food costs could also be at play.
Despite the challenges facing people who buy and consume beef, the U.S. continues to attract enough imports to stabilize its beef supply.
For budget-conscious consumers, Swanson suggested switching to alternative beef cuts, or opting for chicken in the meantime to help keep end of summer meals affordable.
As always, shoppers can check local grocery stores for sales and download supermarket apps for additional savings offers.
