It does not appear that consumer beef buying behavior has changed significantly thus far with higher retail beef prices.
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Retail all-fresh beef prices in March were $7.23/lb., unchanged from February and down 1.8 percent from one year ago. Retail beef prices have been mostly steady since late 2021 (Figure 1). The 12-month moving average of monthly retail beef prices has been above $7.25/lb. since April 2022 (blue line, Figure 1). This indicates strong beef demand given record beef production in 2022 and the highest beef consumption per capita at 58.9 pounds (unchanged from 2021) since 2010. Retail all-fresh beef prices averaged $7.30/lb. in 2022, the highest on record and up 5.1 percent over 2021 average retail prices. The highest monthly price ever was in October 2021 at $7.55/lb. There is little indication of consumers “trading down”…i.e. switching to lower value products and away from more expensive beef cuts. Wholesale beef prices continue to be led by strong middle meat prices with tenderloins and ribeyes up 12-15 percent year over year. Chucks and round wholesale values are mixed across a ...
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