"Prices for beef, pork and chicken have surged during the pandemic, and the Biden administration believes it knows who's partly behind it: a handful of
big meatpacking companies that control most of the country's supply. Beef prices alone jumped 12.2% over the last year, according to new consumer inflation data on Tuesday, making it one of the costliest items in the surging bills that consumers face today at the grocery store," Scott Horsley
reports for
NPR. "The surge in meat prices is contributing to high inflation. The
Labor Department reported Tuesday that
consumer price index rose 5.3% in the 12 months ending in August. That's down slightly from June and July when inflation was running at 5.4% — but it's still near the highest level in nearly 13 years. Pork prices jumped 9.8% in the last year while chicken prices jumped 7.2%."
Farmers who raise meat animals have long complained that major meatpackers exert too much control over the market; the
Agriculture Department is investigating whether such companies have colluded to raise beef prices by limiting supply. President Biden
specifically addressed meatpackers in a July 9 executive order aimed at promoting economic competition.
from The Rural Blog https://ift.tt/3nyL3Y3 Surge in meat prices contributing to inflation -
Entrepreneur Generations
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