Get 40% Off
🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

A Pot Roast Can Set You Back $100 as Meatflation Hits Shoppers

Published 11/08/2021, 11:40 AM
Updated 11/08/2021, 12:00 PM
© Reuters A Pot Roast Can Set You Back $100 as Meatflation Hits Shoppers

(Bloomberg) -- Inflation’s next victim might be your Sunday dinner.

North American beef prices are soaring as a labor crunch squeezes meatpackers and supply-chain snarls add to freight costs. In Canada, prices for a prime rib roast have risen 20% in the past year and are the highest since at least 1995, Statistics Canada data show. Sirloin and round steaks have surged as much as 10% in the last year and in the U.S. beef steaks are fetching record prices.

“It’s crazy, people can’t afford that,” said Ivan Korzenowski, a shopper who found a rib roast at a grocer in Regina, Saskatchewan, selling for for C$124 ($99) in late October. “Why is everything getting outrageously priced?”

Empire Co. Ltd., which owns grocery chains Sobeys Inc. and Safeway Canada, is doing “everything we can to work with our supplier partners to keep our prices as low as we can for our customers,” spokeswoman Karen White-Boswell said in an email.

The sticker shock may be here to stay. With prices for everything from cooking oil to dairy rising it’s very difficult to decipher which costs are unreasonable as further hikes are likely to come, said Sylvain Charlebois, director of the Agri-Food Analytics Lab at Dalhousie University in Halifax, Nova Scotia.

“There’s going to be a lot of things that are going to rise and we’re honestly in the second inning of a nine-inning game of inflation,” Charlebois said by phone. “This is only the beginning.”

©2021 Bloomberg L.P.


Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.