LITTLE ROCK — Consumers craving hamburgers, steaks, and brisket paid high prices for the beef they purchased in May ahead of Memorial Day. The U.S. Department of Agriculture said retail beef prices rose 22.9% in May, with chuck and round cuts of beef rising 28.7% and 28.5%, respectively.
Ground beef prices rose 16.7% in May to record levels. The Stephens Inc. Commodity Report posted June 16 said this was the largest single-month increase in beef prices. Higher beef prices helped drive food inflation to 4% in May, its highest rate since January 2012, Stephens reported.
The beef index rose 10.8% in May compared to a year ago. Industry sources have indicated higher ground beef prices up 16.7% from a year ago encouraged processors to divert chuck and round into making ground beef, Stephens reported.
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