Friday, December 14, 2012

"Where's the Beef? No, Seriously?"

Beef prices in the U.S. are expected to increase even higher into 2013, according to economists and agricultural experts. This coincides with the bacon shortage, as droughts that have plagued the prime cattle (and pigs too) herding areas mean that farmers are not able to satiate our demand for beef, causing the supply to be less than the demand and setting the market equilibrium price up. We have already seen beef prices increase from last year, as noted in the article as "In October, the price for a pound of lean ground beef averaged $4.11,  up 30 cents from a year earlier. A USDA Choice sirloin steak cost about $6.75 a pound, up 43 cents from a year earlier,according to the Bureau of Labor Statistics." It makes one wonder when we can ever have cheap hamburgers again.

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