The average price of a pound of ground beef rose to $5.79 in US cities in March, up 12.8 per cent from last year and the highest on record, according to Labour Department data. The price of raw beef steaks also hit all-time highs, reaching $10.98 per kilo. A years-long drought in the American West has dried up pastures and US farmers have steadily reduced their herds, creating a shortage that has driven up the price of calves and, consequently, other beef products. Labour and insurance costs have also risen, and although cattle weights are higher than ever before, this is not enough to compensate for the collapse in cattle numbers… Inflation is low (2.3%) but is likely to rise soon with the tariffs.
