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Last year, consumer spending on beef totaled $74.3 billion. (AP Photo/Jayme Halbritter)
Surging commodity prices have consumers paying more for groceries such as eggs, milk, cereal and particularly beef.
In February, the average retail price per pound for beef was $3.87, up 12.4 percent from a year earlier, according to market research firm FreshLook Data. Get the full story »
Beef cuts on display at a supermarket in New York in January. (Emanual Dunand/AFP/Getty Images)
With more Americans tightening their belts, demand for cheaper cuts of U.S. beef has actually pushed the price of select-grade beef higher than the generally more expensive choice cuts.
For the first time in nearly two years, select-grade beef prices are above those for better-quality choice grade, according to U.S. government data.
The data showed that demand for select has grown while supplies have declined. Get the full story »
Lady Gaga’s favorite Judas Priest burger will still cost $12 at Kuma’s Corner as the trendy Chicago eatery is resisting raising prices though the cost of making that burger has gone up.
“You can’t pass it on, not in times like this,” Kuma’s manager Frank DeBoss said of beef prices that recently rose 10 percent. Get the full story »
Americans love their beef, but with prices expected to remain high for the next few years and other options plentiful, their loyalities might be challenged.
Average retail prices of beef have climbed from $4.18 per pound in July 2009 to $4.44 per pound last July, a change largely due to a tight supply of cattle. Ranchers and feedlots have reduced supplies in response in large part due to rising prices of corn and soybeans fed to cattle, economists said. Get the full story »
Expect to pay higher prices to grill beef this Labor Day weekend.
Supply of beef is down and demand is up. That will translate into steak and hamburger prices that are 6 to 7 percent higher at the supermarket than last year, said Rich Nelson, director of research at commodities research firm Allendale Inc. in McHenry. Get the full story »
