NEW YORK: Consumer beef prices reached a fresh record in December, just as the United States’ new dietary guidelines are set to boost demand for the protein.
Consumers on average paid US$6.821 for a pound of ground beef in December, up 16% from a year earlier and up slightly from November prices, according to the US Bureau of Labour Statistics (BLS).
Elevated beef prices have been a contributor to higher overall grocery costs, with the food index rising 3.1% over the last year, BLS data showed.
That outpaced growth in the overall consumer index, which came in at 2.7%, in line with expectations. Core inflation, which excludes food and energy, rose less than expected in December compared to the prior month.
President Donald Trump has fixated on expensive beef amid growing concerns about affordability, and has tried to tamp down prices by boosting imports from South America.
Yet one of the chief causes of beef inflation, a shrinking US cattle herd, is seen persisting into 2027. — Bloomberg
