Purdue Expert Predicts Beef Prices Will Decrease Slightly
A Purdue Agricultural Economics Professor says we may see the cost of beef come down slightly by the end of summer.
Dr. Christopher Hurt says April beef prices rose to about $5.87 per pound.
That’s up 11.1% from April 2013.
Hurt says the average beef price for 2104 is up to $5.70 per pound this year compared to $5.30 per pound last year.
By fall, Hurt says beef prices may be back to $5.70 by the fall.
He says higher feed prices and drought in the Central and Southern Plains are reasons for higher beef prices.
Hurt expects beef prices to remain relatively high for the next couple of years.
But he says on the upside, overall food prices are up only 1.9% so far this year.