The price of beef has reached its highest level in almost three decades and is expected to stay high in the near future.
Declining cattle supply and increased demand from China and Japan caused the average retail cost of beef to jump to $5.28 a pound in February, the Associated Press reports. That’s almost 25 cents higher than the average cost in January and the highest price since 1987.
Jim Robb, director of the Livestock Marketing Information Center, told the AP that economists expected consumers to look for substitutes for beef as ranchers in Texas and other parts of the country battled droughts while prices rose.
Beef isn’t the only meat getting more expensive. A virus that has killed millions of pigs has caused the price of pork to rise. The average retail cost of chicken has also increased to $1.95 per pound, the highest price since October.
“I think these higher food prices are here to stay, including beef,” Dale Spencer, a rancher and former president of the Nebraska Cattle Association, told the AP.
[AP]
- The Inside Story of Princeton's Cinderella Run at March Madness
- The Case for Betting on Succession's Tom Wambsgans
- For Both Donald Trump and Alvin Bragg, the Central Park Jogger Case Was a Turning Point
- If Donald Trump Is Indicted, Here's What Would Happen Next in the Process
- Alison Roman Won't Sugarcoat It
- Why Not All Observant Muslims Fast During Ramadan
- It's Time to Say a Loving Goodbye to John Wick
- Who Should Be on the 2023 TIME100? Vote Now
- Column: Ozempic Exposed the Cracks in the Body Positivity Movement
