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Grillers received some bad news ahead of the summer barbecue season: Beef prices are surging.
Live cattle prices climbed a record $2.52 per pound at the end of the April 15 trading session, adding to their year-to-date gain of about 8 percent. Futures retreated modestly, slipping 1 percent the next day.
Prices have climbed 25 percent over the past year amid shrinking supply and steady demand.
At the retail level, the average price for a pound of ground beef is at a record high of $6.70, up 16 percent from a year ago, according to the Bureau of Labor Statistics. The March consumer price index report confirmed modest relief, with beef prices coming down more than 1 percent….
Live cattle prices climbed a record $2.52 per pound at the end of the April 15 trading session, adding to their year-to-date gain of about 8 percent. Futures retreated modestly, slipping 1 percent the next day.
Prices have climbed 25 percent over the past year amid shrinking supply and steady demand.
At the retail level, the average price for a pound of ground beef is at a record high of $6.70, up 16 percent from a year ago, according to the Bureau of Labor Statistics. The March consumer price index report confirmed modest relief, with beef prices coming down more than 1 percent….
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