A shrinking beef herd, high cattle feed prices and widespread drought conditions mean higher beef prices, for producers and shoppers alike. According to data from the Bureau of Labor Statistics, ground beef prices have risen 8 percent from last year and a substantial 35 percent from 2010, currently sitting at $4.13 per pound.
Lean and extra lean ground beef have jumped even more, up to $5.27 per pound. That is a 55 percent upsurge from 2010 and an all-time record for ground beef prices.
The only food item to go up in price more sharply is bacon, climbing 13 percent from last year and a whopping 53 percent from four years ago. One major driver is the spread of Porcine Epidemic Diarrhea Virus (PEDv), a disease that holds no risk to human or food safety but is having a dramatic impact on U.S. hog production.
Besides bacon, other items in the pork aisle are feeling the heat, too. Ham prices are up 32 percent since January 2010, and pork chops cost 24 percent more than four years ago.
The data from the Bureau of Labor Statistics was further analyzed by 24/7 Wall St. Rounding out their list of the top 10 foods that have seen the sharpest price spikes are oranges, coffee, peanut butter, margarine, wine, turkey, chicken and grapefruit.
