The Washington Post reports that rising prices for beef and pork are outstripping those for food in general.
The Bureau of Economic Analysis says that overall food prices were up 0.4 percent in April compared to the month before and up one percent compared to the month a year earlier, "the price of pork soared 2.6 percent in the month of April and 4.8 percent from a year ago … And while beef and veal prices stayed fairly flat for the month, they are up 3.3 percent from a year ago."
The Post quotes Michael Nepveux, an economist for the American Farm Bureau Federation, as naming the contributing factors: "Labor shortages in the meatpacking industry on the heels of months of slowdowns and shutdowns due to covid-19; a surge in restocking food service as restaurants reopen; high grain and transportation costs; and strong exports and domestic demand."
- KC's View:
One expert says that the "best antidote to high prices is high prices" - that when prices skyrocket, demand lessens, which drives prices down. Which will be cold comfort to consumers surveying the beef department in their stores marveling at how prices have gotten and having to make sometimes difficult choices.