Retail ground beef prices in November rose 2% from September to $6.78 a pound, according to federal data reported for Down Jones.
Beef prices overall were 16% higher than a year ago. Prices have been on a steady climb for years after ranchers decided to thin their cattle herds following years of weakening financial conditions. The US now has the fewest cattle on its pastures since the 1950s, while demand for protein is accelerating.
Tyson Foods' plan to close a Nebraska beef plant has prompted concern among industry officials that ranchers may now be hesitant to expand their cattle herds anytime soon. Food prices were up 2.6% in November, according to the government's latest data. Prices of food away from home rose faster than those at grocery stores. Besides beef, coffee prices in November were up about 19% from a year ago.
