Beef and pork producers get less but consumers pay more

Percentage change in the Consumer Price Index (how much consumers pay) and the Producer Price Index (how much producers get) from May 2021 to May 2022 (Investigate Midwest chart)

"While consumers are paying high prices for beef and pork at grocery stores, farmers producing the meat are making less than they were a year ago, according to data collected by the U.S. Department of Agriculture," Kendall Little reports for the Midwest Center for Investigative Reporting. "The number of cattle and hogs have all fallen since 2021, according to the USDA, which may explain the increased consumer price. If the amount of product decreases but consumer demand stays the same, prices will increase for consumers."

Industry consolidation among meatpacking companies is also a major factor, since producers have to go through them instead of selling directly to consumers. In January the Biden administration announced an $800 million investment in smaller meatpackers to help spur competition.