Meat prices beginning to fall despite record high inflation
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Meat prices are slowly beginning to fall from record high inflation, however, the recent decrease is only temporary. In the western part of the US, there is a drought causing farmers to cull some of their livestock. While more meat is available and prices are decreasing, some people think meat prices will continue to fall.
Paul Wrazidlo, the owner and operator of Old World Meats talked about the recent meat price decrease. “Prices just started moving in about a week ago, so that takes a little while to flesh out. And as the customers communicate, they’ll see that prices are going the right direction. They’ll start buying a little bit more”. Wrazidlo said.
The meat prices of beef, bacon and other pork products are decreasing. Beef prices have fallen by 3%, Bacon has dropped 4%, and other pork products like ribs and tenderloin have dropped by 2%. “I’m surprised the amount of snack sticks and jerky that we sell compared to pounds of ground beef, people are doing more ready to eat items this time of year. The biggest downfall has been pork. That’s usually first because they can turn pork over quicker after the drought.” Wrazidlo said.
However, in the Northland, butcher shops and super markets are impacted by the winter season. Wrazidlo says people just tend to not have big meals that take time to cook dinner. “Beef prices . I haven’t seen anybody jump up and down, but ground beef is starting to move, which is a staple for every home. So we’re seeing some movement there. But it’s only been a week and I believe with more advertising, communication and education of the people, they’ll roll in pretty good.” Wrazidlo said.
While meat prices are not any where close to pre-pandemic levels, Wrazidlo says there will be significant change by Spring. “January, February, March, typically in the Northland is a softer time for some retail places, whether it’s super one ourselves, Cub Foods, we all see the same trends and once April hits, we should be in pretty good shape.” Wrazidlo said.
For more information on meat prices and inflation you can look here https://www.ers.usda.gov/data-products/food-price-outlook/summary-findings/.
For another story regarding inflation you can look here https://www.wdio.com/front-page/world-national/retail-sales-jump-as-americans-defy-inflation-and-rate-hikes/.