Oklahoma Farm Report masthead graphic with wheat on the left and cattle on the right.
Howdy Neighbors!
Ron Hays, Director of Farm and Ranch Programming, Radio Oklahoma Ag Network  |  2401 Exchange Ave, Suite F, Oklahoma City, Ok 73108  |  (405) 601-9211


Agricultural News

Ground Beef Prices Outpace Overall Inflation Rate Over Last Three Years

Wed, 15 Aug 2012 15:49:06 CDT

Ground Beef Prices Outpace Overall Inflation Rate Over Last Three Years
The price of ground beef broke into record-high territory in July. The average price of lean ground beef in July cost $3.08 per pound, up from $3.01 in June according to the Bureau of Labor Statistics. That’s the highest price posted for ground beef since the Bureau began tracking it in 1984.

The price of ground beef had never topped the $3.00 mark until this summer.

The Bureau of Labor Statistics’ first report recorded a price of $1.29 per pound in 1984. The increase in ground beef prices over the years has been a little lower than the overall inflation rate, and hit $2.36 in 2009. Since that time, ground beef prices have significantly outstripped the reported inflation rate.

Had ground beef been tracking the reported rate of inflation since 2009, it would now cost $2.52 per pound instead of $3.08.

The price of ground chuck also hit a high in July, at $3.45 per pound. The price of chuck also grew more slowly prior to 2009, then made up for lost time after that.

It took 18 years for the price of lean and extra lean ground beef to climb from $2.18 per pound in 1991 to $3.43 per pound in 2009. Since that time it has tacked on an extra 68 cents per pound and now sells for $4.11 per pound.



WebReadyTM Powered by WireReady® NSI


Top Agricultural News

  • Elizabeth Perkins Talks About Her Family's Results with Certified Angus Beef   Tue, 16 Jul 2019 17:31:53 CDT
  • Steer and Heifer Calves Were to Lightly Tested for an Accurate Trend Tuesday at OKC West Livestock Auction  Tue, 16 Jul 2019 17:10:43 CDT
  • Texas Rancher Kelley Sullivan Georgiades Calls on US House to Ratify USMCA for American Beef Producers  Tue, 16 Jul 2019 15:33:56 CDT
  • Oklahoma Grain Elevator Cash Bids as of 2:00 p.m. Tuesday, July 16, 2019  Tue, 16 Jul 2019 15:22:15 CDT
  • Tuesday Market Wrap-Up with Justin Lewis  Tue, 16 Jul 2019 14:39:38 CDT
  • House Ag Subcommittee on Livestock Chairman Jim Costa Committed to Resolving Industry's Many Issues  Tue, 16 Jul 2019 14:23:31 CDT
  • House Ag Members Say Several Livestock Threats Being Addressed, But USMCA Approval Remains Vital  Tue, 16 Jul 2019 14:17:50 CDT
  • Tuesday Afternoon Market Wrap-Up with Carson Horn   Tue, 16 Jul 2019 14:14:50 CDT

  • More Headlines...


    Ron salutes our daily email sponsors!

    Oklahoma Ag Credit Oklahoma Farm Bureau National Livestock Credit P&K Equipment Tulsa Farm Show AFR Insurance Stillwater Milling KIS FUTURES, INC. Oklahoma Cattlemen's Association

    Search OklahomaFarmReport.com

    © 2008-2019 Oklahoma Farm Report
    Email Ron   |   Newsletter Signup   |    Current Spots   |    Program Links

    WebReady powered by WireReady® Inc.