After several months of rising prices, some types of beef are finally getting a little cheaper.
The Wall Street Journal reports that a combination of slowing demand for beef and an increase in the number of workers at meat plants is helping bring costs down to earth.
Citing data from research firm Information Resources, the paper reports that types of beef dropping in price include:
- Rib-eye – down nearly 10% in the four-week period ending August 7
- Beef loin – also down almost 10%
- Chest – down about 18%
New York steak also fell in price, although the WSJ did not report by exactly how much.
On the other hand, demand remains high for ground beef and the price of this meat has increased by 7% in the four weeks ending August 7. However, this price growth is much slower than in January, when ground beef prices jumped about 20% during this period. month alone.
However, don’t get too comfortable with these lower prices, as they might not last long. Although staffing levels in meat factories have improved, they remain relatively small, which limits processing capacity.
In addition, drought conditions in parts of the United States have led ranchers to reduce the size of their cattle herds, which improves beef supplies in the short term, but could lead to higher prices in the long term.
One way to reduce the high price of beef is to stop eating meat altogether. As we pointed out, you don’t have to go “cold turkey” on poultry, beef, or any other type of meat. Instead, check out our suggestions in “8 Easy Ways to Reduce Meat Consumption.”
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