Grocery prices have been rising for months, and it’s not just a matter of inflation. The cost of meat is skyrocketing, affecting local families and ranchers alike.
Rising Costs of Meat
The Bureau of Labor Statistics reported that the average cost of one pound of ground beef reached a record-high $5.80 in April, nearly 50% higher than five years ago. For many families, this means making tough choices about what they can afford to eat.
Darlowe Torkelson and his wife were looking forward to a simple dinner of sirloin steak and potatoes last week but had to settle for something else instead.
"We’ve been trying to cut back on our grocery bill," Torkelson said. "We’re eating more beans, rice, pasta."
Despite these cuts, the family is still struggling to make ends meet.
"It’s getting harder every day," Torkelson added. "We’re having trouble making ends meet."
Impact on Ranchers
Rancher Stephen Kirkland is trying to absorb these price increases at his two butcher shops near Fort Worth, Texas. He has raised cattle prices due to rising costs such as feed and labor.
- A year ago, Kirkland could buy cattle for about $1,500 per steer; now he pays nearly $2,400 per steer before adding additional expenses like transportation and feeding them until slaughter time.
"I’m paying more money than I ever thought I’d pay," Kirkland said.
The U.S. cattle herds have fallen to their lowest levels in over 70 years, largely because farmers can’t afford enough grass or food for their livestock during droughts.
Kim Radaker Bays is weighing whether it’s worth keeping her herd fed versus selling them at current market value, as she cannot afford both options given increasing costs.
"I don’t know how much longer we can keep going like this," Bays said.
Kirkland has tried raising his prices but is concerned about making meat unaffordable for those already struggling financially.
"I don’t want people who are already hurting financially to be unable to access affordable meat," Kirkland stated.
Future Outlook
The high cost of groceries may persist for a while longer, as experts predict that inflation will continue into next year. According to the Bureau of Labor Statistics’ latest forecast:
- Inflation is likely to remain elevated through 2024 before slowing down later in the year.
- Economists surveyed by Bloomberg News expect inflation to peak at around 3% early next year before falling back towards its pre-pandemic level around mid-year.
The most recent Consumer Price Index (CPI) report showed that overall inflation rose less than expected from March—up only 0.5%—while core CPI rose 0.3% from March.
CPI measures how much goods bought with an average amount consumers spend each month change in price over time, excluding volatile energy prices.
The latest data indicates that Americans spent less money on groceries compared to other categories in February compared to January.
- Consumer spending fell slightly between February and January.
- Average monthly household incomes decreased slightly between February and January after adjusting for seasonally adjusted dollars earned annually.
- The total number of households receiving Social Security benefits increased slightly between February and January.
As families continue to navigate these rising costs, the struggle to afford basic necessities like meat remains a pressing concern.
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