Friday, July 8, 2016

Beef prices moderating in 2016!

Beef lovers, your time of suffering—and paying through the nose for burgers, steaks, and roasts appears to be coming to an end. Beef prices, which have been increasing for years, recently hitting rates high enough to inspire outbreaks of steak thefts at supermarkets and even the return of cattle rustling, are finally coming down to earth.

According to the Bureau of Labor Statistics, consumer prices for most beef products dropped 2% from December 2015 to January 2016, and year-over-year prices for ground beef, chuck roast, and most cuts of steak are down 6% to 11%.

It’s quite a turnaround, given that beef prices have been climbing steadily since 2010. The average price of uncooked ground beef, for instance, appears to have peaked last February, at a price of $4.71 a pound. It has crept downward since then, dipping to $4.49 at the end of 2015 and $4.39 in January 2016. The last time prices were this cheap was August 2014. Let us hope that this trend continues...

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