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

EconomyNov 08, 2021 12:00PM ET
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© 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.

 

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

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Comments (7)
Darrell Peterson
Darrell Peterson Nov 10, 2021 2:44AM ET
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Haven't you bone heads got the Fed memo ? Let me spell it out for you . TRANSITORY .
James Pattison
James Pattison Nov 10, 2021 12:03AM ET
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Lets go brandon
Praise el Tobi
Praise el Tobi Nov 09, 2021 7:31PM ET
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invest with James heart
morning wood
morning wood Nov 09, 2021 3:57PM ET
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start hoarding meat
James Pattison
James Pattison Nov 09, 2021 3:57PM ET
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Start hoarding everything
John Rudolph
John Rudolph Nov 09, 2021 2:24PM ET
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Just stop buying beef and chicken for a month. Guaranteed prices will return to normal. This is an artificially created "inflation" for PROFIT. Stop this avarice and let's quit buying!
Woody Hardman
Woody Hardman Nov 09, 2021 2:03PM ET
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Your "guarantee" is a large ***of horse flatulence.
Steve Schneider
Steve Schneider Nov 09, 2021 12:41PM ET
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I guarantee this would not be happening if conservatives were in power! Especially gas and oil prices! Joe Biden’s liberal policies in action! Elections have consequences!
 
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