Posted on 03/24/2015 12:20:19 PM PDT by iowamark
The average price of a pound of ground beef climbed to another record high in February, hitting $4.238 per pound, according to data released today by the Bureau of Labor Statistics (BLS).
In August 2014, the average price for a pound of all types of ground beef topped $4 for the first time, hitting $4.013, according to the BLS.
In September, the average price jumped to $4.096 per pound; in October, the average price climbed to $4.154 per pound; and in November, the average price climbed to $4.201 per pound.
In December, the price declined slightly to $4.156 per pound. In January 2015, ground beef hit $4.235 per pound and in February 2015, according to the latest data from the BLS, the price of ground beef hit the highest level ever recorded of $4.238.
A year ago, in February 2014, the average price for a pound of ground beef was $3.555 per pound. Since then, the average price has increased 19.2 percent in one year.
Five years ago, in February 2010, the average price of a pound of ground beef was $2.277, according to the BLS. The price has since climbed by $1.961 per pound, or an increase of 86.1 percent.
The overall Consumer Price Index measures the relative change in the prices of a basket of goods and services relative to a basis of 100. Subordinate indexes measure the relative change in price for individual goods or services or categories of goods and services.
While the price of ground beef increased over the month, the overall Consumer Price Index (CPI) increased as well. “The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent in February on a seasonally adjusted basis,” the U.S. Bureau of Labor Statistics reported today. “Over the last 12 months, the all items index was unchanged before seasonal adjustment.”
“The food index increased 0.2 percent in February,” said the BLS. “Also turning up in February was the index for meats, poultry, fish, and eggs, which rose 0.3 percent after declining slightly the prior month. The index for beef and veal rose 0.7 percent, its thirteenth consecutive increase.”
What is beef on the hoof going for these days?
There’s no inflation folks/s. And this is why I shop at ALDI.
To answer my own question, about $2.17 per pound which is down from a high of $2.69/lb back in September. So if the farmers are getting less, that means the middlemen and retailers are charging more. In other words, price gouging.
Aldi rocks, it paid for my Harley.
Love Aldi.. Great foods at a good price.
but now sells 1/8 pounders.
Makes me happy I grind my own burger.
I look for good chuck roast, often on sale, and YUM!
100% known content and very fresh.
I feel bad for the good folks on Social Security...
Beef consumption is way down here.. Bummer.
I like meat. Yummy.
Yup....hope more people hear about ALDI. Food prices like 1985
Two words with some ingenuity. Deer Meat!
but now sells 1/8 pounders.
++++
Have you tried the In-N-Out Double Double Waferburger lately?
Some of the items that have kept out of the inflation spiral have gotten expensive recently. Bananas, blueberries, sweet potatoes, cheaper cuts of beef are some foods that those with low food budgets depend on to stay healthy. They've really spiked.
It's hypocritical that the gov is telling people to eat healthier but at this rate there will be a situation in which only the elite will be able to afford healthy food.
I do the same....bought that handy KitchenAid attachment a few years ago. I buy chuck or sirloin roast when on sale and cut them up for various things and freeze them in portions for grinding, etc. Best burgers I have ever eaten....anywhere. Plus it saves me money....
I’m paying 3 and change......3.29 on the last purchase..
I scrounge around for meat sales. Some stores will mark down beef as it approaches the expiration date so I buy it up freeze it using one of those vacuum sealer appliances. Also there is a farmers market store in the city I live in and they have great prices on beef if you buy bulk. I bought some NY Strip for $7 a pound in bulk.
Beef sells for more = more cattle raised.
Since cattle don’t become full grown overnight there is a lag. But markets tend to come to equilibriums even in the face of most shocks.
I meet deer everyday! We just are not allowed to shoot them in our (very rural) subdivision...
Since the substitution effect is taken into account in the Consumer Price Index, the Feds can just substitute soy burgers and you don’t get a pay raise.
“So if the farmers are getting less, that means the middlemen and retailers are charging more. In other words, price gouging.”
Or the supply bottleneck is beyond the farmer and the store price matches demand.
Say farmers have 1000 cows for sale on the market but the processors can only handle 800. The market price paid to the farmers goes down until there are only 800 cows for sale.
Then say for $3/lb on store shelves, the demand would be 1000 cows. But there are only 800 available so the store price goes up until the demand equals 800.
Yes, when you hold a commodity with high demand and low supply you can profit (price gouging). But the higher the profit, the more likely other producers will get into the market and bring the price down.
(And yes, I know the market isn’t perfect and gets distorted due to crony capitalism. Especially with big business like factory farms.)
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