"The surge in meat prices is contributing to high inflation. The Labor Department reported Tuesday that consumer price index rose 5.3% in the 12 months ending in August. That's down slightly from June and July when inflation was running at 5.4% — but it's still near the highest level in nearly 13 years. Pork prices jumped 9.8% in the last year while chicken prices jumped 7.2%."
Market prices for lean hogs are slightly above where they were a year ago, after a long climb in the winter and spring that made them almost double the 10-year low they hit in January. Cattle market prices are slightly higher than a year ago, after several ups and downs, but are well below 5- and 10-year highs.
Farmers who raise meat animals have long complained that major meatpackers exert too much control over the market, with four processors taking more than 80% of production. The Agriculture Department is investigating whether such companies have colluded to raise beef prices by limiting supply. President Biden specifically addressed meatpackers in a July 9 executive order aimed at promoting economic competition.
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