Beef prices surged to an all-time high in July as the market grappled with consistently strong demand and long-term issues in domestic production.
According to the latest consumer price index, which the Bureau of Labor Statistics published on Tuesday, the beef and veal index rose by 2.5% in July, compared to 0.2% for the broader food category. This capped an 11.3% increase over the past 12 months.
Meanwhile, the price of ground beef and uncooked beef steaks has risen by 11.5% and 12.4%, respectively, both now at record levels.
But they do make the most beef in the world after the US.
Yes, undoubtedly, and they do impact global beef prices regardless, however, many countries that are net exporters of beef have controls and supply management systems in place to keep domestic prices relatively low and unimpacted from the international market.
If you’re in Australia, New Zealand, Canada, Argentina, Switzerland, or Germany for instance, you are probably eating mostly local beef and probably haven’t seen your prices skyrocket the way American ones have.