March 24, 2011
 

US retail meat prices rise

Retail meat prices increased by 9.2% in the previous month on a seasonally-adjusted basis in contrast to February 2010, according to the US Bureau of Labour Statistic's (BLS) monthly Consumer Price Index.

Pork prices rose 8.9% from last year's level. Beef and veal prices climbed 10.6%; beef steaks 8.6%; beef roasts 15.4% and ground beef 10%.

The general "at home" food category has risen 2.8% over the past year, with all six of the major grocery store food groups posting increases.

"The increase in meat prices reported last week by BLS comes as no surprise to those of us in the meat and poultry industry and confirms what we have been saying for years," said J. Patrick Boyle, president and CEO of the American Meat Institute.

"While many variables contribute to the price of any food item, the soaring cost of corn due to ethanol production is one underlying factor that is driving up not only meat and poultry prices, but other food prices as well. This news is clear evidence that we should not be embracing a policy that burns 40% of our corn for fuel because it is burning a hole in Americans' food budgets."