What Snapped? US Ground Beef Retail Prices Jump Most Since Covid Meatpacking Crisis

The latest data from the United States Department of Agriculture (USDA) reveals that monthly retail ground beef prices just recorded their most significant increase since early 2020, a period in time when major meat processing companies were shuttering plants nationwide. Prices of retail ground beef per pound jumped to new highs in June, with data going back to 2008. This is more bad news for the middle class, which is under severe financial pressure with elevated inflation and high interest rates, resulting in a pullback in consumer spending ahead of the presidential elections this fall. 

Let's start with the 6.294% rise in June's retail ground beef prices, marking the largest monthly increase since the 10% spike in May 2020. Back then, the theme was that the closure of packaging plants would crimp production. Now, it's the summer grilling season as US cattle inventory plunges to the smallest size in 73 years. 

The average supermarket price for ground beef jumped .324 cents in June to a new record high of $5.472. USDA data goes back to 2008. 

Under President Biden's first term, the percentage change of ground beef per pound has jumped a whopping 38%!

Readers have been well informed about 'beeflation' and why it's happening: 

• Dwindling US Cattle Herd Implies Supermarket Beef Prices May Rise Even More

• Hamburger Prices Might Continue To Rise As US Cattle Herd Shrinks

• US Cattle Prices Hit Nine-Year High As National Herd Drops To Half-Century Low

• US Beef Prices Hit Record High As Nation's Cattle Herd Expected To Shrink Through 2025

• Tyson Foods CEO Unsure When Nation's Collapsing Beef Herd Will Reverse

• Rancher: Record High Beef Prices May Be 'New Norm'

Soaring beef prices comes at a time when the middle class is suffering in the era of failed Bidenomics. We have cited a number of reports from corporate America and top Wall Street analysts who are warning about a consumer slowdown:

• Goldman Tells Top Clients To Start "Shorting The Middle-Income Consumer"

• Goldman's Commentary On Consumer Health Is An Ominous One

• "Did Something Change?": Goldman Trading Desk Warns Hedge Funds Are Suddenly Dumping Consumer Stocks

• Pepsi Warns US Snack Demand "Subdued" As Consumer Slowdown Worsens

• Consumer Slowdown Spreads: Helen Of Troy Shares Crash After Big Earnings Miss, EPS Outlook Cut

If the US had a 'strategic beef reserve, ' now would be the time to dump beef into the market. Otherwise, consumers should brace for even higher prices, with the US herd size unlikely to increase anytime soon.