During a year when consumers have been reeling from record-setting inflation levels and supply chain issues, demand for beef has remained strong, and online grocery beef purchases continue to grow. Beef quality and consumers’ perceptions of beef remain positive this year in the face of overall declining consumer sentiment.
Prices for virtually every good has seen price increases during the first half of 2022. Between July 2021 and July 2022, prices for All Items (as defined by the Consumer Price Index) rose by 8.5%, while prices for all food items rose by 10.9% and energy prices rose by 32.9%2. However, within the food category, beef and veal prices increased by 3.4%, whereas egg and poultry prices have increased by 38% and 16.6%, respectively2. In fact, beef and veal prices have seen the lowest level of price percent increase out of the major protein categories (beef, poultry, eggs, pork, and seafood) between July 2021 – July 20222. Beef prices have seen downward pressures partially due to an increased supply of cattle heading to slaughter because of drought conditions and a lack of rain within the major cattle-producing states.