Consumers are spending more on beef but eating less of it

BusinessBeef prices have risen by 25% since 2023.CanvaConsumers are spending more of their hard-earned money to buy beef but eating it less often. Why? Because beef prices have risen 25% since 2023, according to an article by Nation’s Restaurant News.Using data from the firm Numerator, NRN said beef’s increase “is four times the price increases for poultry or pork products.”Of the main protein products – beef, poultry and pork – beef accounts for 56% of sales. “That is a percentage point higher than a year ago and the highest amount since 2019,” the NRN article said. “One point is worth about $1 billion, according to Numerator.”Yet, there is less beef on your dinner table.The true amount of beef purchased has fallen by 0.8 points. “So consumers are spending more on beef but buying less of it,” the article said. The cost has impacted fast-food chains.“Prices for burgers and other beef sandwiches have increased 28% at fast-food restaurants since 2023, according to Numerator, to $6.70 per item,” NRN said. “Chicken prices, on the other hand, have increased 12% over that same time period, to $6.80.”That puts pressure on fast-food restaurants. “Higher beef prices have eaten into profitability at chains like McDonald’s, Burger King, Texas Roadhouse, and others, the article said. Kelly Kazek is an award-winning journalist and author who writes about trends in business and retail news. She is the author of more than 28 books for children and adults. Kelly previously wrote about Southern...