For shoppers who are still feeling inflation’s pinch, here’s some information to share: beef and pork prices are starting to decrease.
That should be welcome news for retailers with summer grilling season fast approaching.
According to the U.S. Bureau of Labor Statistics, the average price for beef and veal was down 1.9% in March 2023, compared to March 2022. The average price for pork was down 0.6%.¹
Those decreases are small enough that they may not have registered with shoppers. Many are still feeling the effects of a prolonged spike in inflation, and their perceptions of pricing may be different than the reality.
Widely different, actually.
According to a recent study from PYMNTS, consumers said they perceived that prices for fresh meat and vegetables increased 25% in 2022, while the Bureau of Labor Statistics (BLS) reported a 4.5% increase in prices over the same time period.²
Stores’ meat departments can help shoppers who remain nervous about grocery prices by reassuring them that meat prices are beginning to decrease. At the same time, they can recommend economical cuts that are great for grilling and may be even more affordable now.
And as summer gets into full swing, it's crucial to partner with a supplier who keeps up with customer demand without sacrificing quality and consistency.
Tyson Foods is proud to be that partner for retailers across the nation. For specific ideas on economical cuts for summer grilling, check out their new blog article.
1. U.S. Bureau of Labor Statistics, “Consumer Price Index for All Urban Consumers (CPI-U): U. S. city average, by detailed expenditure category,” March 2023
2. PYMNTS, “Consumer Inflation Sentiment: Perception is Reality,” January 2023
This post is sponsored by Tyson Fresh Meats, Inc.