Americans can't afford beef anymore?

The latest data from the US Department of Agriculture (USDA) shows that the price of ground beef in the United States rose by 6.294% per pound in June, the largest monthly increase since a 10% increase in May 2020.

The average price of ground beef in supermarkets rose by $0.324 in June, reaching a historic high of $5.472 per pound, which can be traced back to 2008.

Analysis shows that during the 2020 pandemic, the price of ground beef skyrocketed by 10% due to major meat processing companies closing a large number of factories nationwide, resulting in a tight supply of meat. However, the reasons for the current increase in beef prices are different from those during the pandemic.

The arrival of the summer barbecue season has led to an increase in demand for beef, while the inventory of cattle in the United States has dropped to its lowest point in 73 years, driving up prices together. This is bad news for the middle class, as they are already under the dual pressure of high inflation and high interest rates, and their financial situation is very tight. This will lead to a decrease in consumer spending before this fall's presidential election, further exacerbating economic pressure.

Analysis suggests that if the United States has a 'strategic beef reserve', then now is the time to dump beef into the market. Otherwise, consumers should be prepared for higher prices, as the quantity of beef in the United States is unlikely to increase in the short term.

According to data statistics, the price of ground beef per pound has increased by 38% during President Biden's first term.