Retail meat prices up less than a percent in October

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Retail meat prices increased last month, but gains were limited and less than retail prices increases for fish and seafood.

Retail meat prices were up 0.4 percent in October compared to a month earlier. The increase was higher for pork, up 0.6 percent, and poultry, up 0.7 percent. Beef and veal price increases were below the all-meat average, increasing by 0.3 percent.

The higher retail beef prices last month are 1.4 percent higher than prices from October 2012. Pork and poultry are 3.7 percent and 5.1 percent higher respectively than a year ago.

Yearly increases remain consistent with beef retail prices moving two to three percent higher in 2013 and an additional 2.5 to 3.5 percent higher next year as supplies get tighter. The expected yearly gains are smaller than the price increases in 2011 and 2012 when beef prices shot up 10.2 and 6.4 percent respectively.

Pork prices are forecast to gain 0.5 to 1.5 percent this year and another two to three percent in 2014.

Fish and seafood monthly retail prices increased by 1.1 percent according to the USDA’s Consumer Price Index.

See this month’s Consumer Price Index data.

Wholesale beef prices moved 2.1 percent higher this month, however the year-to-year increase is only 0.9 percent higher than 2013 according to the USDA’s Producer Price Index. Wholesale pork prices fell 3.3 percent in October, but are still 3.9 percent higher than prices from last October. The recent drop in wholesale pork prices has led the USDA to adjust  its price forecast, now expecting pork to move three to four percent lower this year.

See this month’s Producer Price Index data.

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