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US beef sales volumes decline as high prices strain consumers
American consumers are beginning to pull back on beef purchases due to sustained high prices. Data from research firm Circana shows that beef sales volumes in the 13 weeks ending in mid-July fell 0.3% compared to the previous year. This marks a significant shift from the same period in the two prior years, when volumes grew by approximately 5%.
The decline comes after nearly two years of surging beef prices, driven in part by a shrinking US cattle herd. As costs rise, many consumers are shifting their consumption toward more affordable proteins, such as chicken, which continues to see rising demand due to ample supply and lower prices.
Analysts suggest that the combination of food inflation and the rising cost of living is stretching consumer budgets, creating a potential ceiling on what Americans are willing to pay for beef.
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What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] Beef sales volumes grew approximately 5% during the same period in the two preceding years. www.businesstimes.com.sg · dnyuz.com · fortune.com
- [● 3 SOURCES] Beef sales volumes fell 0.3% in the 13 weeks ending in mid-July compared to the previous year. www.businesstimes.com.sg · dnyuz.com · fortune.com
- [● 3 SOURCES] A shrinking US cattle herd has contributed to record-high beef prices. www.businesstimes.com.sg · dnyuz.com · fortune.com
- [● 3 SOURCES] Chicken consumption is increasing as consumers shift away from more expensive proteins. www.businesstimes.com.sg · dnyuz.com · fortune.com