Consumers paid more for beef in July with more increases expected for the remainder of the year and 2014 according to the USDA Consumer Price Index.
Monday’s report shows beef and veal prices increased by half of a percent compared to the previous month and were 1.3 percent higher than a year earlier.
Beef prices are expected to increase by 2% to 3% in 2013 and 2.5% to 3.5% next year after prices moved 16.6 percent higher over the past two years.
Other meat prices are up as well. Pork prices are just under two percent higher compared to the previous month and year and almost nine percent higher than prices in 2011. Poultry prices are 3.5 percent higher than July 2012, however prices are lower in month-to-month terms. The USDA reports poultry prices fell 0.7 percent compared to the previous month.