Inflation, or the increase in prices consumers pay for goods and services, has been one of the most talked about topics of 2022. Most common consumer goods have experienced abnormal price increases to some degree. While the causes of inflation rates not seen since the 1980s have been debated far and wide, the results are indisputable: consumers have experienced a greater strain on their incomes and household budgets than they likely have in some time.
While some goods can be substituted for cheaper alternatives or omitted from shopping carts entirely, other goods – such as food, fuel, and clothing – cannot be simply lived without. Inflationary pressures on these types of goods, known as inelastic goods, are especially concerning considering their importance to individual wellbeing.
However, price is but one of the five demand drivers that affect consumers’ purchasing decisions. This article aims to explore recent beef inflationary trends and their impact on beef demand.
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