Skyrocketing beef prices finally have Americans reaching their spending limit
The US cattle herd remains near its lowest levels in about five decades
Skyrocketing beef prices have pushed Americans to their spending limit. Aaron Kaufman, a 32-year-old from Brooklyn, moved to Manhattan and switched to cheaper proteins like chicken after ground beef prices rose to $8 per pound. Sales volumes for beef fell 0.3% in July compared to a year earlier, while chicken consumption continues to rise.
The shift suggests consumers have finally reached their limit for paying high beef prices. The Trump administration has expressed concern about the impact of high costs of staples like beef on consumer perceptions of inflation. Beef processors have closed plants and the domestic herd remains near its lowest level in over five decades. Despite weaker demand during the summer grilling season, beef prices remain near a record high.
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