Sunday, August 10, 2014

It's Getting Real Bad: "In just six days the price of beef went up almost 50 cents a pound ."

Paul "Fear Deflation" Krugman may even start to notice.

USA Today reports:
Through June, ground beef prices were up 15 percent to about $3.40 a pound over levels one year ago. USDA choice grade sirloin steak was up 16 percent to $7.69 a pound, according to the most recent Consumer Price Index.
The Bureau of Labor Statistics says the price of a pound of ground beef increased 16.5 percent to $3.88 in June. A sirloin steak is priced around $7.69 a pound...

Al Feucht has operated Brandon Meats in Brandon for 29 years and says he does not want to see hamburger hit $4 a pound. In just six days the price of beef went up almost 50 cents a pound and he had just quoted prices for organizers of the Alto Fair...

“It’s painful to see. The prices are changing every day and I’m scrambling to see how I can sell at a good price and still make money to survive,” Feucht said. “I just hope people understand what is going on.”...

Paul Butera, president and chairman of the Piggly Wiggly grocery chain, said they expect beef prices to take another big jump sometime in August. The stores are planning a four-day meat sale so customers can stock up.

Steaks are at the high already, he said. But everything else — pot and rump roast, ground beef and ribs — will soon follow suit.

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