The overall cost of beef dropped by 0.3 percent between June and July 2022, according to data by Information Resources, Inc. (IRI).
This marks the first time in 13 months that beef retail prices fell for two months in a row. It dropped another 0.7 percent during the four weeks ending on Aug. 7, The Wall Street Journal reported on Monday. During the prior four-week period, prices dropped a full 1 percent, the first monthly decline since June 2021.
Consumers are buying cheaper meat options, like chicken and ground beef. However, this shift has caused ground beef prices to rise 12 percent since this time last year, which is