Beef and lamb prices: Red meat now double to triple the cost it was 21 years ago

Australians are now paying double to triple the price for beef and lamb. See how much prices have changed.

Beef and lamb prices have risen 125 per cent and 175 per cent respectively in the past 21 years.

Consumers are forking out more for their red meat than ever before as record saleyard prices and global demand push up prices.

While there has been a significant rise in beef prices just in the past year — Australian Bureau of Statistics data compiled by Thomas Elder Markets shows the indicative retail beef price at $23.87/kg for January to March this year, a rise of 7 per cent on last year — the data shows a startling price rise in the past 21 years.

Since 2000 average retail beef prices have risen 125 per cent, or from $10.59/kg in 2000 to $23.87/kg currently, and lamb prices have risen 175 per cent, from $6.70/kg to $18.49/kg.

Pork and chicken prices have also risen, but not to the same extent.

The average price consumers pay for pork has jumped 72 per cent, from $7.55/kg to $13.05/kg.

And chicken has barely made a move when compared to the red meat categories, rising only 18 per cent from $4.77/kg to $5.67/kg.

Indicative retail meat prices over the last two decades show a big rise in the cost of beef and lamb.

A spokeswoman for Meat and Livestock Australia said cheaper pork and chicken prices continue to place competitive pressure on red meat.

“So far this year, indicative retail beef and lamb prices have averaged a multiple of 4.2 and 3.3 times the prices of chicken, respectively — above the pre-2019 10-year average of 3.1 and 2.6,” she said.

A cattle herd that has been depleted by drought and is now in a rebuilding phase, along with strong overseas demand, has propelled saleyard prices to record levels.

The benchmark saleyard price for young cattle — most of which are sold for meat — has been breaking its own record on and off for the past six months, with the latest price sitting at 934c/kg carcass weight — 170c/kg above the same time last year.

The price rise has been somewhat passed on by the major supermarkets, with Woolworths’ porterhouse steak rising from $32/kg in March last year to $37/kg currently, while beef mince has risen from $12/kg in July last year to $15/kg.

Coles’ porterhouse steak is now $37/kg, up from $32/kg, while regular beef mince is $12/kg, up from $11/kg in March last year.

A Coles spokesman said “significant increases in livestock prices have resulted in wholesale prices for beef and lamb rising to their highest levels in several years.

“These increased cost prices have led to increased retail prices for red meat across the market”.

Despite beef currently being the most expensive meat on the shelves, Thomas Elder Markets commodity market manager Matt Dalgleish said it was “still the number one choice” for consumers in terms of value spend.

“If consumers can afford it, beef is the number one choice and I think its ongoing success is it is generally considered the premium of all the meats,” he said.

“Even though on a volume basis chicken is more popular, I think that comes down to the cost consideration.”

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