Beef Prices Are Dropping Just in Time for Grilling Season - NBC 10 Philadelphia

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Beef Prices Are Dropping Just in Time for Grilling Season



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    MUNICH, GERMANY - MAY 27: Grilled meat is seen during a vespertine barbecue party during a warm summer evening on May 27, 2008 in Munich, Germany. Barbecue parties are one of the Germans' most favourite leisure activities during the warm weather period. (Photo by Johannes Simon/Getty Images)

    Booming beef production is causing steak and burger prices to drop closer to pork and chicken this summer, NBC News reported.

    At $3.59 per pound, consumer beef prices are down 30 cents from the same time last year and 60 cents from two years ago, according to the Bureau of Labor Statistics. Americans are also eating 8 percent more red meat and poultry.

    Retailers and restaurants are bulking up on beef supplies, Bloomberg reports, which could indicate a summer of beefy promotions.

    "For two or three years we were in a situation where beef went up and up, and it became difficult to run full promotions. Suddenly, the market switched and allowed more operators to do that," market analyst Altin Kalo, of Steiner Consulting Group, told Bloomberg.