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Price of Ground Beef Hits Record High

By Terence P. Jeffrey, CNS News:

The average price of ground beef hit a record high in the United States in July, according to data released Wednesday by the Bureau of Labor Statistics.

The BLS has been tracking the average price of a pound of 100% ground beef since 1984. In July, it cost $3.085, up from $3.007 in June.

Prior to June, the average cost of 100% ground beef in the United States had never topped $3.00.

In January 1984, the first month BLS tracked the price off 100% ground beef, the price was $1.29 per pound. Had that price merely tracked the rate of overall inflation, according to the BLS inflation calculator, it would have risen to $2.66 per pound by 2009, when President Obama took office. However, between 1984 and 2009, the average price for a pound of 100% ground beef did not increase as much as overall inflation. Thus, in January 2009, when Obama was inaugurated it was only $2.357.

Read More @ CNSnews.com

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