After many months of rising prices, some types of beef finally are getting a little cheaper.
The Wall Street Journal reports that a combination of softening demand for beef and an increase in workers at meat plants is helping to bring costs back down to earth.
Citing data from research firm Information Resources, the newspaper reports that the types of beef that are falling in price include:
- Rib-eye — down nearly 10% over the four-week period that ended Aug. 7
- Beef loin — also down nearly 10%
- Brisket — down about 18%
New York strip steak also has declined in price, although the WSJ did not report by exactly how much.
By contrast, demand remains high for ground beef, and the price of such meat increased 7% over the four weeks ending Aug. 7. However, that price growth is much slower than in January, when ground beef prices jumped about 20% in that month alone.
However, don’t get too comfortable with these lower prices, as they might not last long. Although staffing at meat plants has improved, it remains relatively tight, limiting processing capacity.
In addition, drought conditions in some parts of the U.S. have led ranchers to reduce the size of their cattle herds, which improves the beef supply in the short term but could lead to higher prices down the road.
One way to trim the high price of beef is to stop eating meat altogether. As we have reported, you don’t have to go “cold turkey” on poultry, beef or any other type of meat. Instead, check out our suggestions in “8 Easy Ways to Cut Back on Meat.”