|
USDA reduces meat price forecast for 2012
Story Date: 8/27/2012
| |
Source: MEATINGPLACE, 8/24/12
USDA is predicting prices for meat, poultry and fish will rise by 3 percent to 4 percent in 2012, half a percentage point less than it predicted last month.
Beef prices climbed 0.6 percent in July and are 6.6 percent above last July, with steak prices up 8.9 percent and ground beef prices up 5.8 percent, the agency said in its monthly Food Price Outlook.
“The current drought is anticipated to reduce cattle herd sizes due to increased feed costs which is expected, in turn, to increase the retail beef supply and reduce prices somewhat in the short term,” USDA economist Richard Volpe said in a summary of the forecast.
Pork prices increased 0.4 percent in July and are 1 percent below last July's level. Retail prices have started to fall along with wholesale prices, but a turnaround at all stages of production is likely as feed costs rise, USDA said.
The poultry category is expected to be among the first to reflect price increases due to the drought, USDA said.
Poultry prices increased 1.2 percent in July and are 6.1 percent above last year, with chicken prices up 5.5 percent and other poultry prices including turkey up 8.2 percent.
Overall, food prices at the grocery store are expected to rise 2.5 percent to 3.5 percent this year, the agency said.
For more stories, go to http://www.meatingplace.com/.
|
|
|
|
