GRAPHIC: Meat prices increasing faster than other goods, government data shows
Over the course of a year, meat prices increased by 6 percent.
Meat prices are continuing to climb, according to data and projections from the U.S. Bureau of Labor Statistics.
This article is republished from The Midwest Center for Investigative Reporting. Read the original article here.
The BLS collects data to produce the Consumer Price Index, which tracks the average change over time of many consumer items.
The Consumer Price Index is used to calculate overall inflation in the economy, as well as price changes for certain items. While the current estimated inflation rate for 2021 so far is around 5%, meat price increases are outpacing overall inflation.
From July 2020 to July 2021, meat prices increased by about 6%. Beef and veal prices grew by 6.5% and pork prices went up by 7.8%. Price increases for eggs, fish and seafood and poultry also outpaced inflation.
A U.S. Department of Agriculture press release attributed the price increases to “strong domestic and international demand, high feed costs, and supply chain disruptions” including storms, drought and a May cyberattack against meatpacking giant JBS that temporarily halted operations.