Fox Business Jeff Flock’s correspondent discusses record prices from beef because of the Varney & Co. supply problem
High beef prices are weight on US companies and consumers.
They forced some companies to make difficult decisions on how to submit increased costs and some transfer costs to customers.
Rob Passio, owner of Lombardi’s main meat in Philadelphia, said Fox Business Jeff Flock On “Varney & Co” yes “there is only so much that you can absorb as far as your bottom is concerned before telling yourself that you have to increase these prices.”
The butcher shop, Passio said, did not see their customers sink at higher prices “because they see it.”
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Organic ground beef October 30, 2020 in Bavari, Nirnberg (Daniel Karmann / Picture Alliance via Getty Images / Getty Images)
“They see inflation. See prices. You know, everything is up, “Flock said.
Workforce inflation information measured by consumer prices (CPI) index (CPI) has shown that beef prices have increased by 2.4% compared to a month and 7.6% compared to the year in February.
The total CPI recorded a 0.2% increase in the month of the month and 2.8% of jumps compared to the year compared to the year.
Courtney Schmidt, a sector manager at the Wells Fargo Agri-Food Institute, said Fox job Last month, these high prices of beef were stimulated by the firmer production of American beef with a consistent consumer demand.
The American herd of cattle experiences a cycle down, and cattle supplies at the historically low levels of 2025, according to Schmidt.
The demand for beef remained strong from pandemic, according to the US Federation for Agricultural Economy. (Kennedy Hayes / Fox News / Fox News)
The US Ministry of Agriculture (USDA) reported at the end of January that US farms had 86.7 million cattle and calves. The number for beef cows was especially 27.9 million, which is a drop of 1% compared to the same time last year, according to USDA.
“I know they kill smaller cattle, so they try, I suppose, to kill them faster to create an offer that the demand needed,” Passio said.
Some large companies sources of beef from Canada and Mexico, Flock reported about “Varney & Co.”
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President Donald Trump imposed 25% of imported tariffs About the goods entering the United States from the two countries on March 4 and, more recently, introduced exemptions for Mexico and Canada on the goods under the United States-Mexico-Kanada agreement until the beginning of April.
Such a impact on imported beef “would increase the price”, according to Passiou, adding that consumers “will pay for it”.
“My philosophy is to sell it as low as possible to show savings, value to the customer. And we hope you have more customers who will generate your income,” said Lombardi owner of Prime Meats for Flock.
Beef packages are shown for sale at Supermarket on January 12, 2023 in Foster City, California. (LIU Guanganian/Cinnel News Service/VCG via Getty Images/Getty Images)
In the US, ground beef was $ 5.63 per kilogram in February, while the price per kilogram boneless They entered the amount of $ 11.90, according to the Federal Bank of St. Louis. These average prices were 9.6%and 1.6%, more than the same month in 2024.
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USDA projected in a report published this month that the production of American beef is ready to be £ 26.685 billion this year.
Daniella Genovese contributed to this report.
