Summer food prices continue to rise while restaurant prices are finally coming down
Food prices rose 0.3% in July after remaining relatively stable in June. The rising prices are largely due to high beef prices. Uncooked roast beef price rose 6.5% from June to July, according to data Data released Thursday by the Bureau of Labor Statistics. The price of uncooked beef steaks rose 2.3%, while the price of uncooked ground beef rose 1.5%. Overall, beef and veal prices have increased by 2.4% over the past month.
Major meat processors said soaring beef prices are due to a drop in beef supplies following the extreme drought conditions of recent years. According to CNN, higher feed costs also made it almost impossible to keep the cattle herds reported.
On the other hand, menu prices rose just 0.2% this month. Last month menu prices increased by 0.4% and in May prices increased by 0.5%. According to CNN, menu prices rose 7.1% over the year. Dine-in restaurants increased prices by about 5.8% for the year, while fast-food and fast-casual chains increased menu prices by 7.1%.
