Gro’s US Food Price Index shows that pandemic-related price pressures have begun to recede. Following a volatile period in May and June, core food prices in the United States moved within normal bounds in August and September.
Closures of meat-processing plants and a subsequent run-up in meat prices helped drive food prices 30.8% higher in May. This was followed by a comparable decline in June of 25.4%. Prices stabilized in July (up 0.7%), rose 2.6% in August, and declined 1.6% in September, reflecting a normalization of US food supply logistics.
Beef and chicken prices, representing a large portion of the “Gro-cery” basket are well off their highs, as slaughter rates are back to pre-pandemic levels.
In case you missed it, the recent recording of the Gro webinar Working Through the COVID Cattle Glut is now available for your review. Along with the video, you will also find links to the displays covered in the presentation including Beef Primal Prices, Slaughter & Producer Prices, Beef Prices & Advertising Locations, Placements & Cattle on Feed, and the Gro Drought Index.
This insight was powered by the Gro platform, which enables better and faster decisions about factors affecting the entire global agricultural ecosystem. Gro organizes over 40,000 datasets from sources around the world into a unified ontology, which allows users to derive valuable insights such as this one. You can explore the data available on Gro with a free account, or please get in touch if you would like to learn more about a specific crop, region, or business issue.