Inflation butchers your holiday roast! Bone-in rib eye DOUBLES in price to $16.99 per POUND while bacon, beef chuck and steaks reach highest price in a decade as 'meatflation' sets in across America
November 9, 2021
Meat packers blame supply chain crunches and staff shortages for the sudden rise in prices.
- The price of a ribeye roast rose by 95% from $8.71 per lb last November to $16.99 per lb this week
- Meat packers blame supply chain crunches and staff shortages for the sudden rise in prices
- They say they were already struggling to attract workers before the pandemic, now must pay up to $20 an hour to compete for staff who don't want to work
- They also want shipping companies to be forced to take their exports - rather than go for import jobs from Asia on non-perishable goods
- The Biden administration says the companies are deliberately hiking prices out of greed, despite inflation being seen in all categories of consumer prices
- Farmers are behind him, blaming 'big beef' for the rise in prices and not the fact that companies have rising costs
Families hoping to tuck into prime rib roasts, juicy sirloins and filet mignon may have no choice but to swap out their holiday favorites with cheaper alternatives this year thanks to the latest victim of relentless inflation - America's meat.
Startlingly high prices are appearing in meat aisles across the country in what shoppers have begrudgingly come to know as 'meatflation.'
The reason for the spike in prices is a combination of supply chain crunches sparked by COVID backlogs, staffing shortages in meat plants and the fact that the few remaining workers there are not physically able to get through as much as they were previously because of constraining social distancing rules.
Industry leaders say Biden's vaccine mandate is also threatening their already dwindling staff count, and that another enormous problem is the fact that ocean cargo carriers are opting to ferry non-perishable goods like toys and technology over to the US from Asia, instead of taking export jobs of US meat to the rest of the world for fear of not getting the shipments there in time and the food spoiling.
A cyberware attack by Russia on one of the largest meat producers in America, JBS S.A, also temporarily shut down five meat plants and wreaked havoc on the industry in June.
As a result of those combined stumbling blocks, the cost of bone-in ribeye beef has nearly doubled from $8.71 per pound in November 2020 to an astounding $16.99 per pound this week, according to the US Department of Agriculture's Retail Price Report that was released on Friday - an increase of over 95 percent.
The report took a weighted average of 80 stores across America for the week of November 5 until November 11.
— Congressman Dan Meuser (@RepMeuser) November 10, 2021
It found filet mignon has risen from $8.42 per pound to $10.28, while tenderloin has gone up by $4 per pound and T-bone steaks have also increased by $1 per pound.
Another report by IRI which surveyed meat prices throughout October saw rises that were less sharp.
Beef loin rose by 28 percent to $11.20 per pound, ribeye was up 41 percent to $14.48 per pound and brisket was up 36 percent to $4.80 per pound.
As prices soar, consumers are going for cheaper cuts; ribeye sales were 36% down in October 2021 from October 2020 while the price was up by 40%, according to IRI.
Beef offal, which decreased in price by 4% to $3.59 per pound, was more popular - sales were up 17.7%.
The Biden administration has tried to shift the blame onto the meatpacking companies, claiming their greed is the reason for the spike in prices, and not the general inflation that is sweeping the country, sending the price of all goods soaring and ravaging industries across the board.
The meat companies however say they've had no choice but to hike up prices because of supply chain issues, staffing shortages and meat plant closures sparked by COVID and Biden's response to it.
As well as shoppers, frustrated ranchers and farmers are finding themselves out of pocket after selling livestock for a loss, then seeing sky-high prices in stores.
By all accounts, the threat posed by record inflation to the American people is not “transitory” and is instead getting worse. From the grocery store to the gas pump, Americans know the inflation tax is real and DC can no longer ignore the economic pain Americans feel every day.— Senator Joe Manchin (@Sen_JoeManchin) November 10, 2021
Experts say the prices are likely to remain high until staffing problems are addressed - and that may not be until 2022.
'More price increases are coming. The trade-down effect is underway in meat as households scramble to find some ways to manage budgets.
'Consumers are replacing higher priced favorites with more budget-friendly cuts. It’s not that retailers or producers are greedy.
'Producers are faced with rising labor costs, feed costs and transport costs…every part of their budget is getting hit and the consumer is feeling it.
'Looking into 2022, labor constraints will likely keep prices elevated unless producers can find enough workers to fill demand,' Chris DuBois, senior vice president, protein practice for IRI, told DailyMail.com.
It's not just the top-shelf cuts that are more expensive; prices have risen across the board with bacon ($7.99 per lb), beef chuck ($4.79 per lb) and all uncooked steaks ($9.91 per lb) reaching their highest price in a decade.
The only item that seems to be cheaper than last year is chicken, which is 38 cents cheaper per pound this year than it was last year, but still more expensive than it was in November 2019.
**With rapidly increasing food prices and our nation's supply chain being severely strained, it is more important now than ever to secure items that are still needed on your emergency preparedness 'TO DO' list before those items become more expensive, more difficult, or even impossible to get.
- Blue Monster Prep