Consumers can expect to pay more for beef at the supermarket, as prices are expected to increase heading into 2023 because of rising feed costs and intensifying drought conditions in key producing areas, which are resulting in tighter supplies.
In August, beef and veal prices climbed by 2.5 percent year-over-year, according to the Bureau of Labor Statistics (BLS). Within that category, uncooked ground beef and uncooked beef roasts surged at an annualized pace of 7.8 percent and 3.3 percent, respectively. Steak prices have declined by 3 percent from a year ago.
