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Beef Prices Hit Highest Level in 27 Years

Beef was up to $5.28 a pound in February


Beef prices have reached their highest levels since 1987.


Beef prices rose to $5.28 a pound in February. This is almost a whole quarter more than prices in January. The rise in prices comes right before grilling season starts and are turning many customers away from beef. Some shoppers now limit their beef purchases to hamburger because steak has become to expensive. Other shoppers have removed red meat from their carts altogether. These customers are substituting red meat for chicken, pork and fish, reports the Associated Press.

The increase in beef prices is the result of droughts that have left ranchers with less cattle than normal. While the high prices mean more money for ranchers, some are afraid that they will permanently push people away from beef. Others don’t think the high prices will change people’s eating habits, the Associated Press notes.

Those looking for beef prices to drop in the near future will likely be disappointed. The government is expecting beef prices to continue to increase throughout the summer. Pork prices are also on the rise, which means it may not be the best option for those looking to replace beef.

More Rising Prices

Article printed from InvestorPlace Media,

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