Despite Robust Output in 2022, Beef Prices Expected to Rise in Coming Years

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Despite Robust Output in 2022, Beef Prices Expected to Rise in Coming Years

Consumers can expect to pay more for beef at the supermarket, as prices are expected to increase heading into 2023 amid rising feed costs and intensifying drought conditions in key producing areas, which are resulting in tighter supplies. 
In August, beef and veal prices climbed 2.5 percent year over year, according to the Bureau of Labor Statistics (BLS). Within this category, uncooked ground beef and uncooked beef roasts surged at an annualized pace of 7.8 percent and 3.3 percent, respectively. Steak prices have tumbled 3 percent from a year ago. 
Year to date, live cattle futures have advanced more than 5 percent, to $1.47 per pound, on the Chicago Mercantile Exchange (CME). Prices are expected to post a third-quarter gain of about 10 percent. ...

Source: Despite Robust Output in 2022, Beef Prices Expected to Rise in Coming Years

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