Steak lovers might be catching a bit of a break at the checkout line. According to the Wall Street Journal, beef prices are declining.
Prices of beef, typically among the costliest grocery store purchases, are falling after more than a year of increases, as consumer demand softens for some cuts. Supplies are improving due to better staffing at meat plants, and supermarkets are offering more discounts on rib-eye, New York strip and other often-expensive products.
However, the price reduction is unlikely to last, as a persistent drought in the southwest is leading ranchers to reduce the size of their herds, which will constrain supply for beef in 2023.
Scorching temperatures this past week have put swaths of the U.S., especially in the South and West, under excessive-heat warnings and advisories. The hot weather is hitting during an important period of the Midwest crop-growing season, analysts said, and just as some commodity prices ease amid concerns about global food supplies.
Eat, drink, and be merry, for tomorrow will be costly.
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