Nate Rempe, President and CEO of Omaha Steaks, joins Mornings with Maria to discuss the company’s success and rising meat prices.
Rising grocery prices have wreaked havoc on Americans’ budgets in recent years overall inflation There has been a slowdown, with prices for some food items – particularly a handful of breakfast items – continuing to rise.
“By the end of 2024, U.S. consumers are set to see their fastest rise in food prices — particularly breakfast items — in a year,” said Nick Tremper, senior economist at Gusto. “Prices for staple foods such as coffee, eggs, orange juice and beef saw increases due to a variety of factors, including severe weather, disease and state-based regulations.”
A customer shops for eggs at a Kroger grocery store in Houston, Texas on August 15, 2022. Egg prices rose more than 8% in November alone. (Photo by Brandon Bell/Getty Images/Getty Images)
Food prices away from home are a range for consumer purchases, Tremper said. in the restaurantIt increased even more than the food at home.
Shrinking of the Colorado River will affect the country’s food supply.
Here’s why the prices of some breakfast foods have increased:
eggs
The latest Consumer Price Index (CPI) released by the Department of Labor shows that the price of eggs increased by 8.2% in November, and according to The Wall Street Journal, a dozen eggs now cost $5.77 – a rise of $146.6 over 2023. % is higher.
Egg prices have increased through 2023 due to a combination of seasonal price increases during the holidays and disruptions in egg supply due to bird flu.
Egg prices are high and will continue to be until 2025
Professor Sylvain Charlebois, director of the Agri-Food Analytics Lab at Dalhousie University, said: “In the US, egg prices have skyrocketed due to an outbreak of avian influenza that has wiped out millions of egg-laying hens, creating a severe supply shortage. She has come.” fox business,
Charlebois said rising feed costs and labor shortages in the agricultural sector have exacerbated the problem, driving up production and retail costs.
coffee
A coffee grower selecting coffee beans at a farm in Santo Antonio do Amparo, Minas Gerais, Brazil. (Douglas Magno/AFP via Getty Images/Getty Images)
According to Labor Department data, the price of ground coffee in stores rose 11% last year to an all-time high, according to The Journal.
“Coffee prices in the Americas are affected by global weather disruptions, particularly in Brazil and Colombia, where drought and frost have damaged production,” Charlebois said. “Domestic supply chain challenges, including port congestion and high shipping costs, coupled with increased demand for specialty and premium coffees, are further pushing prices higher.”
orange juice
The price of orange juice has continued to rise as crops have been affected by disease and weather events. ((Photo: Jeffrey Greenberg/Universal Images Group via Getty Images)/Getty Images)
“The U.S. orange juice market is struggling with citrus greening disease, which has devastated Florida’s orange groves, sending yields down to historic lows,” Charlebois said. “Extreme weather events such as hurricane in bay area And rising costs of inputs like fertilizer and transportation are pushing prices even higher for American consumers.
Here’s why grocers are really raising prices
The Journal said the average price of orange juice has increased by 90% over the past five years, and the price per pound is $4.77, an increase of 18.4% from the previous year.
beef
People who like steak and eggs for breakfast are getting a double whammy these days.
The price of beef has been increasing over the years due to several factors. (Photo by Justin Sullivan/Getty Images/Getty Images)
“US beef prices are rising due to higher feed costs due to the drought, which has impacted corn and hay supplies,” Charlebois said. “Now with high prices, many cattlemen are exiting the industry to cash out.”
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The Journal said Labor Department data shows the price of sirloin steak is projected to rise 16.7% by 2023, now about $15.09 a pound.
