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US meat prices may creep up again, USDA

27-Aug-2009

Related topics: Business

US beef, pork and chicken prices may start to creep back up, the USDA’s Economic Research Service warns, on the back of re-surging energy and feed costs.

In its Consumer Price Index for July, the federal agency noted that beef prices fell 2.3 percent in July – the eighth increase in nine months. Pork prices rose slightly in July, by 0.1 percent, but remain 2.3 per cent below last July’s level.

Meanwhile, poultry prices are up 0.7 per cent on last July, but fell 1.8 per cent in the last month.

“As substantially lower feed and energy costs were incorporated into meat production costs over the past 6 months, some retail meat prices are now lower than last summer,” said the agency. “However, the recent resurgence in feed and energy commodity costs may curtail the current deflationary period.”

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