When you reach the meat area of the grocery store when shopping for materials for a summer BBQ, you can experience sticker shock.
That's because, according to the American Farm Bureau Federation, the price of ground beef has skyrocketed—now it's up a staggering 36 percent over last year.
One is the severe drought that hit the pastureland in the upper Midwest at the beginning of the year. In fact, more than 50% of U.S. pastures were categorised as poor to very poor in May, according to the USDA crop progress report.
High gas prices have also been a target for non-locally sourced goods since they increase transportation costs, which has an impact on pricing down the supply chain.
Pricing gouging may also be another evil explanation for the expensive price. According to Vox, consumer protection groups claim that meat businesses may be driving up costs due to their market dominance.
At a time when meat producers claim to be struggling due to inflation pressures—and conceal price increases behind it—quarterly earnings reveal record profits.
On May 10, President Biden spoke on the effects of inflation on the economy, including the meat monopoly.
They determine the pricing because they process the meat that goes into the hamburgers you purchase. They can raise the price steadily when there is no competition.
Not only meat is driving up your food bill, but also other items. Due to a shortage of glass bottles that started late last year, the price of eggs has surged to a 30 percent increase over the previous year, and wine prices are projected to rise.