Fox Business Correspondent Jeff Flok discussed the prices of record ground beef due to issues of supply on ‘Verni & Company’.
High beef prices are weighing on American businesses and consumers.
They have forced some businesses to take a tough decisions to handle increased costs, and some are passing the cost to some customers.
Rob Pasio, owner of Lombardy Prime Meat in Philadelphia, told Fox Business Correspondent Jeff Flock On “Veri & Company” that “is only that you can absorb as a hit on your lower line, before you tell yourself that you have to increase these prices.”
Passio said that the butcher shop has not seen its customers at high prices “because they see it.”
Eggs are not just expensive food: beef prices are also increasing
Organic Ground Beef in October 30, 2020, Bavaria, Noornberg (Daniel Karman / Picture Alliance through Getty Image / Getty Image)
“They see Inflation. They see pricing. You know, everything is up, “he told the flock.
The Bureau of Labor Statistics Inflation data measured by the Consumer Price Index (CPI) showed prices for beef and wheel, which was 2.4% month-month and 7.6% year-over year in February.
Overall, the CPI posted a 0.2% increase in the month and jumping 2.8% year-on-year.
Wales Fargo Agri-Food Institute Sector Manager Courtney Schmid told Fox business Last month high beef prices were carried out by American beef production with consumer demand continuously.
According to Schmidt, the US cattle flock is historically experienced a down cycle with cattle inventions at a low level in 2025.
According to the American Form Bureau Federation, the demand for beef has remained strong since the epidemic. (Kennedy Hayes / Fox News / Fox News)
The US Department of Agriculture (USDA) stated at the end of January that US Farms had 86.7 million cattle and heads of calves. According to the USDA, the count for beef cows was particularly 27.9 million compared to the previous year, a decline of 1% compared to the previous year.
“I know they are killing small cattle, so they are trying, I think, the demand that needs to be killed fast to create a supply,” Passyo said.
Some major companies reported beef from Canada and Mexico, the herd reported on “Varni & Company”.
Get Fox Business when you click here
President Donald Trump engaged 25% import duty From March 4, on the goods that enter the US from March 4, recently, started exemption for Mexico and Canada on goods under the United States-Maxico-Canada Agreement until the beginning of April.
Such a levy on imported beef “will” increase the price, “according to Passyo, saying that consumers are going to pay for it.”
The owner of the Lombardy Prime Meat told the Flock, “My philosophy is to sell it at least as much as you can save a savings, a price to the customer. And hope you have more customers to generate your revenue.”
Beef package is displayed for sale in Foster City, California in January 12, 2023. (Liu Gongan/China News Service/VCG Getty Image/Getty Image)
In the US, Ground Beef took an average of $ 5.63 per pound in February, while the price per pound Boneless ciroline stake According to data from the Federal Reserve Bank of St. Louis, it came in $ 11.90. Those average prices were 9.6% and 1.6% higher in 2024 than a single month.
Egg priced Spike: We are ‘past from difficult parts,’ says Agriculture Secretary Rollins
In a report released by the USDA this month, the US beef production is ready for an amount of 26.685 billion pounds this year.
Daniila Jenoves contributed to this report.
