Beef prices are beginning to fall at the supermarket and are reversing an upward trend, according to data from research firm Information Resources Inc. (IRI).
IRI stated consumers are finding more deals and options as supermarkets are discounting more expensive cuts of beef. Retail beef prices have fallen 0.7 percent for the four-week period ending Aug. 7 in comparison to the same period a year ago. The decline came after beef prices fell 1 percent during the prior four-week period, which was the first monthly decline since June 2021.
For the four-week period ending Aug. 7, rib-eye and beef loin prices were down nearly 10 percent, while brisket decreased about 18 percent. Ground beef prices increased about 7 percent over the period.
The decline in prices may be short-lived as cattle supplies tighten. USDA is projecting U.S. beef production to decline later in 2023, constraining the cattle supply and raising the price of beef.
