No room left to pass high cattle prices onto consumers of Australia

Processors will remain caught between super high cattle prices and plateauing beef consumption on the domestic market for at least the best part of 2022, judging by industry projections. Beef retail price growth is outpacing other proteins, putting downward pressure on consumption. Although Meat & Livestock Australia projections are for Australians to continue eating beef at the same level for the next three years, it's clear there is now no ability for cattle prices to be passed to the end consumer from here, without turning people away from the product. Since 2019, the Eastern Young Cattle Indicator has risen by 195 per cent but the retail beef price has not increased to the same extent, MLA market information manager Steve Bignell said. Australian Bureau of Statistics data shows that for the 12 months to September 2021, beef retail prices went up 10.9 per cent. "That contributed to inflationary pressures in the food category but by December it was more vegetables and beverages ...