The wholesale price of fresh whole beef in Tokyo declined by 36.18% YoY due to increased dairy cow slaughtering, reduced calf production, and the absence of live cattle imports in 2023 and 2024. Projections for 2024 suggest a continued decline in cattle inventory and beef production. Despite inflation impacting retail sales, increased consumption in the food service sector which is driven by a rise in foreign visitors, provides a compensatory boost.