Inflationary challenges impacting US retail beef prices

Though retail beef prices are lower than a year ago, prices remain historically higher as inflationary challenges affect the overall US economy and projected fewer cows heading into 2023, according to a Texas A&M AgriLife Extension Service livestock economist. “Retail beef prices are lower than a year ago even though the total Consumer Price Index number is 7.1% higher than last year,” said David Anderson, who also serves as a professor of agricultural economics at the Texas A&M University College of Agriculture and Life Sciences. “[Retail beef prices] have been lower for several months now. And they are lower than last month. However, the level of prices remains high in comparison to the past several decades.” Anderson said there are signs that consumers are looking at alternative beef cuts as a cost-savings measure at the retail meat case. “I think there’s evidence that consumers are switching to less expensive items,” he said. “For example, maybe buying fewer ribeye cuts and ...