Latest news with #grocerycosts
CTV News
4 days ago
- Business
- CTV News
‘A luxury item': Canadians may need to budget for barbecue season as meat prices soar
Since the beginning of the year, beef prices in Canada have surged by more than 30 per cent. As summer approaches, Canadians will be wanting to fire up the barbecue, but the reality of rising meat prices might mean fewer backyard cookouts this year. The 'shockingly high prices' are a case study in supply-side economics and market dysfunction, said Sylvain Charlebois, the director of the Agri-Food Analytics Lab at Dalhousie University, in a news release. 'In Canada, beef is no longer just food—it's a financial decision,' Charlebois said. 'What was once a staple of the summer grill is now a luxury item, priced out of reach for many families.' Statistics Canada said meat prices have risen by the following amounts since January: striploin is up 34.2 per cent top sirloin 33.7 per cent rib cuts nearly 12 per cent pork rib cuts and chicken breasts have each risen 5.9 per cent The 6.8 per cent increase in the price of meatless burger patties suggests the trend extends into other grocery aisles. Charlebois said there are several factors causing the surge. Canada's beef cow inventory decreased by 1.2 per cent from last year to 3.38 million head – the lowest number since 1989. This signals more than just a cyclical decline, Charlebois said. Cattle producers are leaving the industry while prices are good and investing in less volatile sectors or changing to crop production. 'In short, the Canadian beef industry is retreating and becoming increasingly risk-averse,' said the release. The U.S. is experiencing a similar but less severe trend. Their beef herd declined by 0.5 per cent to 27.9 million head and their prices rose but not like in Canada. Boneless sirloin rose 5.7 per cent in the U.S. compared to 22 per cent in Canada. Ground beef rose by 10.8 per cent in the U.S. compared with 23 per cent. Canada's expansive geography, transportation costs, limited number of federally licensed producers, carbon pricing and higher labour costs all contribute to the problem, but Charlebois said we cannot rule out industry collusion. The Canadian Competition Bureau has been less active in quelling anti-competitive behaviour than the U.S., where a 2022 investigation led to several large payouts from major meat packers. Beef consumption fell by 7.1 per cent per capita in 2023 and 2.1 per cent in 2024 in Canada. Charlebois said this is a 'structural shift in consumer behaviour.' 'Beef is increasingly seen as a luxury item, with ground beef becoming the primary choice for budget-conscious households still committed to red meat,' he said. Charlebois said the trend is unfortunate since beef is one of the most natural and sustainable sources of protein that's available to Canadians. 'Canadian ranchers and processors have made significant strides in improving environmental stewardship and animal welfare, often without fanfare,' he said. 'As a whole, beef delivers exceptional nutritional value, supports rural economies, and offers a level of traceability and food safety few protein alternatives can match.'
CBS News
23-05-2025
- Business
- CBS News
U.S. beef prices reach record highs as cattle industry struggles to keep costs down
Beef prices at all-time highs, up nearly 50% from 5 years ago Fort Worth, Texas — The dinner shopping list for Darlowe Torkelson and his wife was short. At today's prices, it consisted of just one sirloin steak and one potato. Torkelson of Argyle, Texas, told CBS News his family doesn't yet know the upper limit of what they are willing to pay for certain groceries. "I haven't found it, I'd like to see it back down," Torkelson said. The average cost of one pound of ground beef reached a record-high of $5.80 in April, according to numbers from the Bureau of Labor Statistics. That is up nearly 50% from five years ago. "We are very, very conscious of how high the prices are in the meat case," said rancher Stephen Kirkland, owner of the Z Bar Cattle Company. Kirkland said he has been trying to absorb the price increases at the two butcher shops he owns near Fort Worth, Texas. Kirkland says that a year ago, he could buy cattle for about $1,500 per steer. Now, he says the price has risen to nearly $2,400. "$2,400 for one steer going into the feed yard, and then feed and everything else, transportation, everything else that gets involved in that," Kirkland said of the cost. Raising those steers also comes at a higher cost, with prices going up for feed, land and financing. Those cost increases have contributed to U.S. cattle herds falling to their lowest numbers in more than 70 years, according to USDA data. "We've had a lot of drought the past couple of years, and so it's been harder and harder to keep enough grass to feed the cows," said rancher Kim Radaker Bays, who raises Herefords and Texas Longhorns at Twin Canyons Ranch south of Fort Worth. She has to weigh the cost to keep the herd fed and healthy against the price they will command at market. She says that if a cow is non-pregnant, or "open" — meaning it's not carrying a calf and growing the herd — it's a better financial decision at today's prices for Bays to sell it. "It just costs too much to feed them if you don't get a calf every year," Bays explains. With supplies tightening, the U.S. Department of Agriculture forecasts that beef prices will rise throughout 2025. Kirkland says he won't speculate on when the price of beef will be too high for consumers. "But as cattle prices increase, we're left with no other choice," Kirkland said. "If we want to stay profitable, we want to stay in business at all, you've got to go up on your price."
Yahoo
18-05-2025
- Business
- Yahoo
8 Home Products To Stock Up on Now in Case of Tariff-Induced Product Shortages
Though it's hard to keep track of the new tariffs that are rolling out and rolling back recently, it's clear that some of them will stick, and prices on many of the goods you purchase for your home will be among the casualties. Find Out: Read Next: Worse, people might start hoarding some things in an attempt to get ahead of any tariff-induced shortages. Here are eight home products to stock up on now, just in case. Of course, stock up mindfully — don't go wild and overbuy; others are trying to get ahead, too. Whether you're a foodie at home or just want to stay ahead of your grocery costs, definitely stock up on pantry essentials that are likely to spike as the effects of tariffs settle in. It's probably no surprise that beloved meal components like rice, your favorite spices and even some cooking oils are produced overseas. Stocking up on the nonperishable elements of these items will keep your pantry, and everyone's bellies in your house, full and content. Learn More: If you're a stickler for the spic-n-span, you might be surprised to learn that a significant percentage of the chemicals that comprise your favorite cleaning supplies, from disinfectants to detergents, come from countries with hefty tariffs hanging over them, like China and Mexico. In addition, tariffs may impact overall supply chains for these and other products, so you should grab what you can comfortably store now (be sure to check labels for chemical shelf-life; no sense buying a pallet of something that will go bad in a couple years). If you love those little touches that brighten, accent and jazz up a room, run, don't walk, to your nearest home goods store or get online. Home decor could soon get a lot more expensive, from picture frames and lamp shades to small metal sculptures, doo-dads and other tchotchkes, or even bigger items like rugs and furniture covers. Is your showerhead dripping, does your kitchen faucet never turn off or is your garbage disposal making a worrisome rumble? Don't wait, replace them now. Try to anticipate the things that might break, are on their last legs or could go out in the next year or so. Buying them now can save you on big price hikes soon to come. Tariffs on metals and other materials have led to increased prices for tools and home improvement supplies. From hammers and screwdrivers to the little bits themselves, screws, washers, nails and so on, if you're planning repairs or renovations, get these items sooner than later. When you think appliances, you might go to the big items like dishwasher, fridge and stove, but you probably rely on many more smaller appliances than you realize at first thought. Get ready to see price hikes on things like humidifiers, curling irons, alarm clocks, toasters, microwave ovens, fans, LED bulbs and more, according to Vox, who said that over 90% of appliance imports come from China. While you might not 'stock up' on these insofar as you buy more than one, if you've been thinking about replacing any of them, now's the time. While you're busy replacing your electronics, make sure to stock up on batteries for the battery powered ones, as those are likely to increase in cost, too. Fortunately, batteries already tend to come in packs, and you can pick up bulk packages at places like Costco, Walmart and Sam's Club for deals. You might not necessarily think of basic medical supplies like Band-Aids, antiseptic, pain relievers and bandages as home goods, but you probably keep a regular supply of at least some of these items in a medicine cabinet or closet. Anyone with children, health issues or who is a caregiver likely relies on these items on a daily or weekly basis. These, too, are largely imported (though there are American-made versions of some products) and will be more expensive in the days to come. More From GOBankingRates 5 Luxury Cars That Will Have Massive Price Drops in Spring 2025 8 Items To Stock Up on Now in Case of Tariff-Induced Product Shortages 10 Cars That Outlast the Average Vehicle These Cars May Seem Expensive, but They Rarely Need Repairs This article originally appeared on 8 Home Products To Stock Up on Now in Case of Tariff-Induced Product Shortages
