When purchasing meat at your local grocery store, you’ve probably noticed that prices have ticked higher over the last 18 months.
“That’s not going to slow within 2021,” said USDA Economist Carolyn Chelius.
She added compared to this time one year ago we’re paying 12% more for beef, over 6% more for poultry, and almost 10% more for pork. So, what’s contributing to the higher prices?
Chelius says, first, the cost of feed for livestock is up 20-30%.
On top of that, “transportation prices have been high, demand is still extremely high both domestic and international with products like meat. And then supply has been lower to stabilizing.”
Chelius is forecasting price hikes for meat next year as well although maybe the hikes will be smaller. She said it’s a bit early to forecast what’s going to happen a year from now.
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