Why are beef prices so high 2022?
Meat prices are currently 7.5% higher than this time last year. This is due to several factors from general inflation, which in June climbed to 9.1% — the highest since November 1981 – to labor, fuel, supply chain issues and a drought impacting Texas and midwestern states.
There are four major meat processing companies that have over 80% of the market in this country. JBS, Cargill, Tyson, and Smithfield control the vast majority of meat operations here and therefore, the supply. They could increase production, but often choose not to, which keeps prices higher. JBS recently settled a $52.5 million lawsuit for price fixing. They admitted no wrong doing, but agreed that it was “in the best interest of the company” to settle. Uh huh.