Source: Chris Scott, MEATINGPLACE, 3/27/18



Prices for beef and poultry climbed slightly last month, although U.S. consumers paid less for pork, according to USDA’s latest Consumer Price Index (CPI) for food.

Beef and veal prices increased 0.1 percent between January and February and they remain 2.1 percent higher than in the same period one year ago, USDA reported. Poultry prices climbed 0.4 percent month to month and are 1.3 percent higher than 2017 levels. Pork prices fell 0.7 percent from January 2018, although prices remain 1.7 percent higher than in the same period last year. USDA said some lower beef prices are most likely adding pressure to lower pork prices in the most recent reporting month.

USDA added that the overall CPI for food was flat between January and February, even though food prices were 1.7 percent higher than in February 2017. The degree of food price inflation varied depending on whether the food was purchased for consumption away from home or for in-home dining, the agency reported. Food-away-fro-home purchases – restaurant meals – rose 0.2 percent in February and is 2.6 percent above February 2017 levels. Food-at-home prices – including grocery store purchases – slipped 0.3 percent from January 2018, but remain 0.5 percent higher than February of last year.

USDA also maintained its forecast that retail food prices are expected to climb between 0.5 and 1.5 percent for the remainder of 2018, which is still below the historical average increases of 2.1 percent. The forecast assumes normal weather for the rest of the year and could be affected by severe weather or other unforeseen events between now and Dec. 31 that could drive prices higher.

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