– David P. Anderson, Professor and Extension Economist, Texas A&M AgriLife Extension Service
One common question from back in 2020 was how quickly retail beef prices would return to pre-pandemic levels. Retail beef prices have declined, but remain above year ago levels.
USDA’s All Fresh beef price series peaked at $7.38 per pound in June, 2020. The December monthly average price (released on January 14th) was $6.23 per pound. Retail beef prices declined fairly quickly after the June peak and were averaged $6.38 in August. This data, reported by USDA, is gathered by the Bureau of Labor Statistics and reflects a monthly price from grocery stores across all beef quality grades and a range of beef cuts.
All fresh retail beef prices in 2020 were above those of 2019 the entire year. The price in March, pre-pandemic, averaged $5.96 per pound and finished the year at $6.23. Compared to December 2019, December 2020’s all fresh beef price was $0.264 per pound, or 4.4 percent higher.
For the year, beef prices increased 9.7 percent over Continue reading Retail Beef Prices Continue Higher Than Last Year