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Retail meat prices remain elevated

National Pork Board NHF-NPB-Pork-Meat Case-1540.jpg
Beef and pork prices remain well above typical levels while chicken prices continue to be lower.

Retail meat price data was recently release for the month of June, showing that beef and pork prices remain well above typical levels while chicken prices continue to be lower. According to the Livestock Marketing Information Center (LMIC), pork prices have been tracking above last year’s levels since the start of the year and prices have been increasing for the last nine consecutive months.

In fact, LMIC said the pork price of $4.55/lb. in June set an all-time high based on data going back to 1960. Sliced bacon prices increased 90 cents/lb. (15.6%) to $6.67 while boneless hams rose 31 cents/lb. (6.8%) from last year to $4.92. All pork chops fell $0.10/lb. (down 2.4%) to $4.09 alone with declines in chops (center cut bone-in) and boneless chops each down 4.2% and 3.2%, respectively, to $4.35 and $4.54/lb.

LMIC reported that many of the retail beef price data for June last year were record prices which led to some of the reported prices posting year-over-year declines. However, some categories set record highs.

The June all fresh beef price was $7.11/lb., down 1.2% from last year but the third highest level only behind record prices of June ($7.56) and May ($7.59) set last year during the pandemic. Ground beef fell 8.0% to $4.36/lb., chuck roast and round roast both fell 7.4% and 5.1%, to $6.64 and $6.21. The Choice sirloin steak, beef for stew, and all uncooked beef steaks each set all-time high prices in June. Choice sirloin steak was $10.78/lb., rising 3.4% over last year which was the prior record price at $10.42. Beef for stew and all uncooked beef steaks were $6.80 and $9.75/lb., respectively, beating the prior record prices set exactly one year ago.

LMIC relayed that the June broiler composite retail chicken price was the second highest at $2.06/lb., which was 1.1% or two cents lower than last year. June of 2020 is the record broiler composite price of $2.08 per pound. Both chicken legs (bone-in) and boneless chicken breast prices rose 0.6% and 0.1% over last year, respectively, to $1.61 and $3.35/lb.

Eggs (grade A) increased 5.7% to $1.64/dozen, the highest price since April 2020. Milk prices rose 11.2% to $3.56/gallon, which LMIC reported was the highest price since January 2015.

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