Biden Announces $1 Billion for Small Meat Processors to Address Soaring Costs

U.S. President Joe Biden listens during a video call with the White House COVID-19 Response team and the National Governors Association in the South Court Auditorium at the Eisenhower Executive Office Building in Washington on Dec. 27, 2021. Anna Moneymaker/Getty Images

President Joe Biden’s administration announced a new initiative on Monday to address the high prices Americans are paying for meat.

The steady rise in the cost of food nationally over the past year has been driven by sharp increases in meats and poultry.