The prices of food consumed at home rose 1% in May from April even as overall prices declined 0.1%, seasonally-adjusted figures from the Bureau of Labor Statistics show. The increase was driven mainly by a 3.7% increase in meat, poultry, fish and eggs.
The prices of food consumed at home rose 1% in May from April even as overall prices declined 0.1%, according to seasonally-adjusted figures from the Bureau of Labor Statistics. The increase was driven mainly by a 3.7% increase in meat, poultry, fish and eggs. Beef and veal got a lot more expensive in particular: Consumers paid nearly 11% more in May, the largest ever monthly increase. The price increase for certain types of meat was even more dramatic: uncooked beef roasts soared 19.
Plants are opening back up, but at Tyson, one of the country's biggest meat processors, meat production was still below pre-pandemic levels at the beginning of May, Bernstein analysts said in a research note. "Based on our estimates, [about] 55% of Tyson's pork production capacity and [about] 36% of its beef capacity were completely idled as of May 1," Bernstein food analyst Alexia Howard wrote in the recent note.
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