Say rising prices is the result of industrial greed.
Since October 2020, the prices of meat, poultry, and fish have all risen almost 12 percent, according to the government’s Consumer Price Index. The price of beef has climbed even further, soaring more than 20 percent over the last year, while chicken has increased 7.5 percent and pork 14 percent, data show.
When asked last week about escalating prices at the grocery store, White House Press Secretary Jen Psaki denounced the “greed of meat conglomerates.” She expressed sympathy for Americans struggling with high grocery bills but attributed the increased costs to “companies hijacking up prices” during the COVID pandemic.
She added, “The president, the Secretary of Agriculture have both spoken to what we’ve seen as the greed of meat conglomerates.” She said it is time to address the industry’s high profits. She stated, “Gross profit margins for big meat processors are up 50 percent, and net margins are up over 300 percent. This should not be the case. That is not all attributed to the supply chain issues.”
The North American Meat Institute said the National Economic Council is ignorant of both agricultural economics and the basic fundamentals of supply and demand. “Beef, pork, and poultry all have their own supply and demand market fundamentals,” the institute’s president stated.
Last month, a bipartisan group of senators from Midwestern and Western states announced the Cattle Discovery and Transparency Act, aimed at boosting transparency and creating more timely reporting of beef trades in an effort to improve the market conditions for independent producers.
As the Lord Leads, Pray with Us…
- For wisdom for the president and his agricultural advisors as they look at the meat price increases.
- For discernment for U.S. economic officials and advisors as they evaluate inflation.
- For U.S. families facing challenging cost increases.
Sources: CBS News, Daily Mail, Washington Examiner
