Perfect Storm of Drought, Consolidation, and Inflation Squeezes Beef Prices Higher
• Beef prices are rising due to drought conditions and a shrinking cattle inventory, putting a squeeze on ranchers and consumers.
• Meat production is concentrated in just 4 major companies, reducing market competition.
• Prices for grains, oil, and produce inputs are increasing due to war, climate change, and labor shortages.
• Restaurants are raising wages to attract workers in a tight labor market, raising their operating costs.
• Americans are "emotionally addicted" to low food prices and don't pay the true cost of food production and service.