Red meat prices to rise again in 2022, but to a lesser extent: USDA
Prices for beef and pork will rise again this year, but not to the same extent as in 2021, the USDA reported.
In its monthly Food Price Outlook the agency said beef and pork prices will rise by 3.5%. in 2022, but the growth rate of meat prices is expected to slow down in the second half of the year.
In 2021, retail prices for beef and pork rose by 9.3% and 8.6%, respectively, well above the average annual growth rates of 4.4% and 2.2%. This was the second year in a row that high meat prices, amid strong demand and the impact of COVID-19, led to above-average food inflation.
USDA economists project headline food inflation to rise by 1.5% to 2.5%, more closely in line with the 20-year average for most other food groups.”