US meat prices surge — beef, chicken hit record highs on Memorial Day

Americans enjoying their barbecues during the unofficial start of summer this Memorial Day weekend likely paid a premium for ground beef and chicken, according to the latest federal data.

Prices for meat rose 0.7% between March and April of this year, the US Department of Agriculture said.

Ground beef and chicken breasts rose by more than 20% per pound, according to the USDA.

Other barbecue staples like hot dogs, cheese, tomato, and lettuce also got more expensive.

The price of frankfurter meat rose by 14.5% while packaged hamburger and hot dog buns were 11.2% more expensive.

Data cited by CNN found that the price of frozen meat rose 15.7% while the cost of frozen sausages increased by 24.4%.

Ketchup and mustard has also become more costly. The price of ketchup increased by 15.8% while mustard became 11.2% more expensive, according to federal government data.

The sky-high prices are a symptom of the record levels of inflation that have weighed on American’s bank accounts in recent months.

An inflation gauge closely tracked by the Federal Reserve rose 6.3% in April from a year earlier, just below a four-decade high set in March and the first slowdown since November 2020.

The report added to other recent signs showing that while high inflation continues to cause hardships for millions of households, it may finally be moderating, at least for now.

The report also showed that consumer spending rose by a healthy 0.9% from March to April, outpacing the month-to-month inflation rate for a fourth straight time.

The ongoing willingness of the nation’s consumers to keep spending freely despite inflated prices is helping sustain the economy.

With Post wires