It's incredible to think that we're only 2.5 months away from 2024! Let's dive in and take a look at what you can expect to pay for your meat in the upcoming year.
Firstly, let's cast our minds back to 2023; it was a tumultuous year for the meat industry, especially beef. Large parts of the US were severely affected by droughts, leading ranchers to reduce production, and prices soared as a result. During the past summer, the US witnessed some of the highest meat prices in history. Steaks, which are particularly popular in the summer, experienced significant price hikes due to both their seasonal demand and already elevated prices.
If we delve into the numbers, we'll see that the cost of at-home meals increased by approximately 5% last year. While this is a significant uptick, it's still slightly lower than the 7% increase in dining out. Since meat is the focal point of most meals, it plays a pivotal role in these price fluctuations.
Now, let's look ahead to 2024. The outlook for consumers is not ideal, but it's not terrifying either. The USDA is currently forecasting a 2% rise in meat prices. However, predicting the exact outcome is challenging. With winter approaching, poultry and beef roasts become more popular and readily available.
The most critical factor influencing meat prices in 2024 will be the weather. If the US experiences another year of poor crop production and insufficient rainfall, prices are likely to skyrocket in early spring or mid-summer. Conversely, if ranchers can stabilize and recover from last year's challenges, prices may decrease, ultimately benefiting consumers.
If you're seeking a reliable way to secure a great source of meat at a stable price, consider exploring the Dude Foods subscription. With this subscription, your price remains locked in for two years, shielding you from fluctuating prices and unexpected surprises at the grocery store. Beat meatflation and lock in your price today!
