Ground Beef's Inflation Rates Will Give You Sticker Shock
While there has been some speculation over food prices tempering for certain grocery items, inflation is still affecting Americans one way or another, especially those of us who consider meat and dairy dietary staples.
Sure, we could avoid the grocery store and eat out. But even a restaurant chain you might expect to be cheap, such as McDonald's, is no longer safe from inflation. According to The Washington Times, the multimillion-dollar food chain saw considerable menu increases due to the cost of food and wage labor. Even Wendy's can't catch a break with marginal declines evident in year-to-year sales, forcing the "fresh not frozen" fast food restaurant to up their menu prices as well (per Restaurant Business Online).
As eating out becomes more expensive, people turn to their local food stores for respite, yet the exorbitant inflation rate has almost made it impossible for people to afford the basic essentials. For people that rely on eggs and milk, the bill is climbing as milk prices soar in the United States. Newsweek claims the increased prices are due to labor shortages and farming costs stemming from the upheaval caused by the COVID-19 pandemic. Milk is not the only product surmounting in price, as ground beef costs in America continue to climb.
The cost of ground beef continues to rise
With so many amazing ground beef recipes out there in the world, it's no wonder it has become an American household staple. Yet, more people may be making an exchange for chicken when considering the cost of ground beef in a month-to-month analysis.
According to information collected by the Bureau of Labor Statistics (BLS), the cost of ground beef spiked in 2020, rising a surmountable 25% per pound over the course of one year during the rise of the pandemic. While the price returned to the expensive side of normal at the beginning of 2021, beef withstood another 11% increase from June 2021 to June 2022. The ground beef price in June 2019 was $4.23 per pound and in June of this year was $5.40, which comes to an overall price hike of 28% over the last 3 years.
So, why is ground beef so expensive? While some experts in the industry believe major meat-packing corporations are to blame for rigging the cost of cattle and grocery prices to make extra cash, beyond the corruption lies one of the worst droughts in years for the cattle industry (per NewsNation).
Unfortunately, there might be no end in sight when it comes to inflation. In February, Supermarket Perimeter reported that the USDA predicted beef production would decrease by 2% this year, ultimately affecting the price you pay at the checkout counter.