“Where’s the beef?” was a popular catchphrase in the 1980s. These days, it might be replaced with a new query: How much does the beef cost?
“Record high beef prices” are forcing restaurants to rethink their menus, said The Columbus Dispatch. The Department of Agriculture reported in July that beef is selling for $9.69 a pound — up from $6.09 in the pre-pandemic year of 2019, part of a 35% increase in food costs over the last five years. Among the reasons for the higher prices: drought, smaller cattle herds and rising consumer demand, said the Dispatch.
The “law of supply and demand” is a factor in rising beef prices, but so are political decisions, said NPR. “Foreign imports are down” due to Trump’s 76% tariff on imports from Brazil, as well as a federal ban on cattle imports from Mexico due to parasite concerns.
What did the commentators say? “Food prices are too damn high,” Matt K. Lewis said at The Hill. Rising costs mean that a family of four “could end up dropping close to $100 for a night out — at McDonald's.” It has not been long since then-President Joe Biden “got blamed for high food costs” by voters. The question now is whether anyone will blame Trump or Republicans for this.
The president “promised to lower grocery prices, but they are higher now,” said Rex Huppke at USA Today. “Ground beef prices are up 13%” since last August, while “beef steaks are up more than 16%.” Trump, however, is “busy adding tacky gold fixtures to the White House.”
What next? Cattle ranchers are benefiting from record beef prices, said The Wall Street Journal. Business “hasn’t been this good in decades, maybe ever.” That’s an exception to overall trends in agriculture. Grain farmers are “projected to lose money this year” and seeking a bailout from the federal government. But the meat industry is “split on how long the good times for ranchers will last.”
Americans “can’t get enough of the red meat” despite high prices, said Yahoo Finance. Consumer demand for beef has been “remarkably resilient,” said Virginia Tech agribusiness professor Mario Ortez. |