The Hidden Forces Making Beef Prices Skyrocket
Beef prices have reached a record high of $6.89 per pound, marking an 80% increase since 2019. Factors contributing to this surge include drought conditions affecting cattle herds and labor shortages impacting meatpacking plants. The Justice Department is investigating potential price-fixing among major companies controlling the beef market.
- ▪Ground beef prices have hit a record high of $6.89 per pound.
- ▪Ranchers cite years of drought as a reason for shrinking cattle herds.
- ▪The Justice Department is investigating four major companies for alleged price-fixing.
Opening excerpt (first ~120 words) tap to expand
Ground beef just hit a record $6.89 a pound, up 80% since 2019 — and nobody along the supply chain sees relief coming. Ranchers like Eric Gropper point to years of drought that have shrunk cattle herds to their lowest level in decades. Meanwhile, meatpackers have been hammered by labor shortages and plant closures. And restaurants have had no choice but to keep raising prices.But how much of this is the market, and how much is manipulation? Since the late 1970s, just four companies — Tyson, JBS, Cargill, and National Beef — have come to control roughly 80% of the American beef market.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at Business Insider.