Meat Prices Surge as Demand Outweighs Supply

With restaurants closed due to the coronavirus pandemic, Tri-State shoppers are buying more beef and pork than ever before.

Mike Holder, an Evansville butcher who has been in business for 15 years, explained:

“People have been stocking up, they’re not eating out right now so they’re buying meat to eat at home,” said Holder. “The prices have gone up this week but availability is pretty well still there for now.”

Demand for meat is up around 40%, while the production of beef, pork, and poultry is down by about 25%.

Perdue Farms and Tyson Foods, both in Western Kentucky, reporting hundreds of positive coronavirus cases within the facilities.

Large retailers have implemented purchase restrictions on meat items, limiting shoppers to two or three packages of fresh meat per household.

With coronavirus outbreaks wreaking havoc on meat processing plants around the country, it’s not just supermarkets and butcher shops that are being impacted by the shortage of supply.

Analysts say right now, one in five Wendy’s fast-food restaurants are out of beef.

Supply and demand driving wholesale meat prices up 60%, beef prices are the highest they’ve been in nearly 30 years, according to industry insiders.

Leading grocery chains say by limiting meat purchases, they hope to keep prices fair and consumers happy.

Stay up to date on the latest coronavirus information and more by downloading the 44News Mobile App.

Related Articles:



Back to top button