Monday, May 27, 2013

Memorial Day Barbecue Costs Higher This Year Due To Boost In Beef Prices

Wholesale beef prices soared to an all-time high last week, which could result in record-setting prices for shoppers looking to grill up some burgers and steaks this Memorial Day weekend, says HuffPo.

HffPo contiues:
Pinched grillers hunting for a bargain this year will likely once again be hard pressed to find one, as chicken prices have gone up 4.8 percent from a year ago, according to USDA data cited by the Des Moines Register.[...] 
Backyard barbecue hosts can take comfort in the fact that they're not the only ones feeling the pain of increased beef prices, though. Analysts suspect that the boost in red meat prices played a role in McDonald’s decision to stop selling its Angus burger earlier this month.
Meanwhile, Ben Bernanke sees little price inflation and is apparently taking a let them eat french fries attitude to those who eat at McDonald's.

From a recent Bernanke speech delivered before the Joint Economic Committee, U.S. Congress, Washington, D.C:
Consumer price inflation has been low. The price index for personal consumption expenditures rose only 1 percent over the 12 months ending in March, down from about 2-1/4 percent during the previous 12 months. This slow rate of inflation partly reflects recent declines in consumer energy prices, but price inflation for other consumer goods and services has also been subdued.

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