The cost of putting food on the table is the highest it’s been in 40 years, and inflation is specifically impacting a summertime staple: ground beef.
Ground beef prices are up 12% since this time last year, which is higher than the current inflation rate for the United States, which currently stands at 9.1%. . . .
As of July 1, the nation’s inventory of cattle and calves stands at 98.8 million head, down 2% from a year earlier, according to the latest data from the U.S. Department of Agriculture.
The USDA says it’s seen a huge number of female cattle sent to the feedlots, which means there’s a lot of supply right now, but not for long.
“You build that genetic supply in your herd, so you’ve got a quality cow and calf that you’ve built up and if you have to liquidate, it is going to take a while to build back again,” Baker said.
Experts predict that meat prices could go up another 9% to 10% next year, and cattle experts say it could take years to get back on track.
www.wate.com/news/ground-beef-prices-surge-as-farmers-sell-off-cattle-herds/