Beef Prices Climb As Egg Costs Set to Surge Over 40%

The cost of living is about get more expensive after 🥩Beef prices have also begun to rise alongside the price of eggs.

According to Fox Business, the Labor Department ‘s Consumer Price Index has said prices for beef and veal rose in January by 5.5%, outpacing all other food items which rose by 1.9%.

Courtney Schmidt, Sector Manager at Wells Fargo Agri-Food Institute told Fox Business that the increase is due to increased and consistent consumer demand for beef, adding that U.S. cattle herds are also experiencing historically low numbers.

Schmidt did, however, have some good news, and said that the increase in 🥩Beef prices will likely aid the pork and chicken industries that have been recently in a downturn.

“Improving consumer demand and supply corrections have resulted in price improvements for these meats.” according to Schmidt.

Bernt Nelson, an economist with the American Farm Bureau Foundation, said the U.S. cattle and calf inventory was down by 1% over January 2024, signaling an ongoing decline in herd numbers. He further noted that the price of slaughter-ready steers and cattle has reached record highs, which is good for seller, but poses its own challenges for buyers.

“Calf prices are also strong, which presents an opportunity for cow-calf producers. If these calves are retained or sold for breeding, it will remove more cattle from the beef market and tighten supplies further before possible expansion with the 2026 generation of calves,” Nelson said, per Fox News.