What’s That Got to Do with the Price of Meat? A lot.
While there’s never been a food shortage, grocery prices have risen as demand increases and supply chains failed during the pandemic. The price of beef, chicken and pork continued to rise in recent months and Perdue Farms CEO Jim Perdue told Fox News there would probably be an increase in market prices still to come.
But meat producers are saying activity has started to return to normal, which means the cost is going down after soaring in May and June, according to CNN. From June to July, beef and veal prices went down 8.2%. Uncooked beef roasts and steaks fell 8.7% and pork prices fell 3.2%. Ham and pork chops cost 5.7% less and chicken prices fell 2.6%.
When meat plants closed earlier this year because workers got sick with COVID-19, beef and veal prices jumped 10.8%. From April to May, uncooked beef steak prices rose 11.6% and pork chops went up 8.4%.
Things are looking better in terms of meat production, but the segment has not completely returned to normal. For example, Tyson CEO Noel White said during a recent analyst call that some plants “continue to operate at decreased production levels.” However, all plants were in operation in August.