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Message
Ground beef prices hit all time high
Posted on 9/17/14 at 4:06 pm
Posted on 9/17/14 at 4:06 pm
Thanks Obama!
My hamburger is too high!
My hamburger is too high!
quote:
(CNSNews.com) – Although the overall Consumer Price Index dropped by 0.2 percent in August, the price index for food rose 0.2 percent, with the average price for a pound of ground beef rising to $4.013 per pound--the first time it has ever topped $4 per pound. In July, according to the Bureau of Labor Statistics, the average price for a pound of ground beef had been $3.884 per pound—which was the record price up to that point. From July to August, the average price jumped 12.9 cents, an increase of 3.3 percent in one month.
6
Posted on 9/17/14 at 4:09 pm to Revelator
Is ground beef included in the matrices used to compute inflation?
Posted on 9/17/14 at 4:17 pm to Revelator
We got about 40 cattle on the farm, we've been watching prices for a while
Posted on 9/17/14 at 4:20 pm to Codythetiger
I about shat myself the other day when I saw ground chuck was approaching $5 a lb.
I miss the .99 cent ground beef from 10 yrs ago.
I miss the .99 cent ground beef from 10 yrs ago.
Posted on 9/17/14 at 4:25 pm to beebefootballfan
Good thing I use ground turkey when I make my Hamburger Helper. 
Posted on 9/17/14 at 4:27 pm to PsychTiger
It's crazy but yeah, ground turkey is much more affordable now.
Posted on 9/17/14 at 4:27 pm to Revelator
Too bad all my assets are frozen (in the garage)
Posted on 9/17/14 at 4:36 pm to beebefootballfan
quote:
Is ground beef included in the matrices used to compute inflation?
CPI? Yes.
PCE? No.
The FED uses PCE. The reason inflation went "down" in the CPI was mainly gas, it had a fairly dramatic drop, while as we see here food went up.
The consensus has been for quite some time the FED will raise rates around mid-2015...however, they've hinted that they could do it earlier with the right data...with today's market news being the FED thinks the data doesn't say "sooner" bumping stocks upward.
However, I don't think that's because of the inflation data but rather the global economy.
This post was edited on 9/17/14 at 4:41 pm
Posted on 9/17/14 at 4:43 pm to Revelator
I just was thinking about this. I got about 30lbs of 90/10 from Albertsons a couple months ago for $2.98/lb. I haven't even seen 85/15 drop below $4.00 since then and I'm about to run out of what I have in the freezer 
Posted on 9/17/14 at 5:08 pm to Revelator
WHy is it so high? Fuel prices are down so shipping it is cheaper. Feed prices are down due to the tanking grain market. It should be getting cheaper unless there is a massive beef shortage right now
Posted on 9/17/14 at 5:10 pm to Jimbeaux28
quote:
Is ground beef included in the matrices used to compute inflation?
Right, we have to remember there's been no inflation...
Posted on 9/17/14 at 5:12 pm to deltaland
quote:
WHy is it so high? Fuel prices are down so shipping it is cheaper. Feed prices are down due to the tanking grain market. It should be getting cheaper unless there is a massive beef shortage right now
quote:
So what’s with the sky-high beef prices? The bigger beef bills have been partially due to the fact that the cattle herd in the U.S. — the largest beef producer in the world — fell to an estimated 63-year low, according to a Bloomberg survey. “Cow numbers were down…the lower supply meant higher prices,” says William Hahn, an agricultural economist with the U.S. Department of Agriculture. And the dry spell in Texas, the nation’s largest cattle producer, is exacerbating the issue of smaller herds. Plus, in 2012 and 2013, grain prices were particularly high, says Close.
Posted on 9/17/14 at 5:19 pm to Revelator
Do you really blame obama for this?
Posted on 9/17/14 at 5:50 pm to Hawkeye95
They blame Obama for their hemroids and the fact that their wives haven't touched them since 1987
Posted on 9/17/14 at 6:19 pm to notiger1997
ebola outbreak, high beef prices, isis in the middle east, and a devil worshiper in the white house ...
revelations, bitches ...
revelations, bitches ...
Posted on 9/17/14 at 8:58 pm to Hawkeye95
quote:
Do you really blame obama for this?
It's a joke.
Posted on 9/17/14 at 9:36 pm to Revelator
Get use to it, your looking at about another two years until heard numbers get back to stabilizing the price.
Posted on 9/17/14 at 9:39 pm to beebefootballfan
quote:
I miss the .99 cent ground beef from 10 yrs ago.
Its Bush's fault.
Posted on 9/17/14 at 9:39 pm to GREENHEAD22
quote:
Get use to it, your looking at about another two years until heard numbers get back to stabilizing the price.
That really stinks.
I really don't understand the supply/demand issue with cattle.
Posted on 9/17/14 at 9:59 pm to notiger1997
The gestation period for cattle is 9 months give or take so you basically only get one calf crop a year. The drought combined with high commodity prices in the past 3-4 years or so have led to high sell offs of herds and calf crops, cattle prices are at record highs. Its going to take a couple years of ranchers retaining some of there calf's for replacement heifers and to enlarge herds until it starts to even back out.
Tired and a lil buzzed so hope that makes sense.
Tired and a lil buzzed so hope that makes sense.
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