Steaks have seen a decrease in price since last month, which also reflects a drop in price from last year.
The U.S. Labor Department reported a 1% drop in price from June and a 1.5% drop from last July. The price of ribeye and beef loin fell nearly 10% from the final weeks of July. Last year, a choice ribeye with the bone toted an average cost of over $12 per pound, but now, the ribeye goes for $8. Brisket also similarly decreased in price from an average of $4.50 per pound to $3.20.
Meanwhile, ground beef has increased in price by 9.7% compared to last year, reflecting the overall increase in food prices by over 10%. The most recent consumer price index from the Bureau for Labor Statistics reports that while there was no change in food prices from June to July, prices are up 10.9% from last year.
TAILGATING COSTS SOAR DUE TO INFLATION
While a decline in demand is considered part of the price decrease, an increase in supply is also the cause. Total cattle inventory has dropped 2% to 98.8 million since last July, according to the U.S. Department of Agriculture. This is the result of cattle farmers not being able to afford large herds of cattle anymore. Particularly, female cattle, normally avoiding slaughter, are being sent to the feedlots 3% more recently.
