Shopping for summer BBQ ingredients at the supermarket store may leave you with sticker shock in the meat aisle.
Ground beef prices rose 36% from last year, according to the American Farm Bureau Federation.
The upper Midwest pastureland experienced severe drought at the start of the year. In May, the USDA crop progress recorded over 50% of
U.S. pastures as poor to extremely poor. Reduced green grass equals fewer cows slaughtered for supply chain feed.
High fuel prices effect supply chain pricing due to transportation expenses, targeting non-locally sourced products.
Price gouging may be another ominous reason for the high price. Vox reports that consumer advocates believe meat firms may be boosting
prices with market power. Quarterly returns show record profits while meat producers declare they are dealing with inflation and hide price spikes.
On May 10, President Biden discussed inflation's economic consequences and this meat monopoly.
He added a few weeks ago, "We basically have four meat processors in the whole country."
"They decide the price because they prepare hamburger meat. Without competition, they can raise prices."