Meat and poultry prices are expected to climb this year due to substantially higher costs for feed.
Prices for products like chicken breasts could climb 70% year-over-year in the first half of 2022, while pork and ground beef could jump 20% over the same period, according to Fox News.
The good news is that costs for pricier things like steak will level off as consumers focus on buying more affordable foods because they’re feeling the overall squeeze in their wallets, Fox reported, citing research from Evercore ISI.
The cost of ribeye could decrease about 15% in the first half of this year.
“Chicken and hamburger prices are expected to continue rising, while steak prices will likely moderate,” David Palmer, a senior managing director at Evercore, said in the Fox report.
One big factor in the rising prices is the soaring cost of grains used to feed livestock, including wheat, soybeans and corn, with wheat prices jumping after the Russian invasion of Ukraine, the report said.