Record beef and lamb prices in supermarkets following cattle market high
A record breaking run of cattle prices this year is placing pressure on retail prices. See how supermarket beef prices have been affected compared to lamb and chicken.
Retail beef prices have hit a new peak, as cattle prices show no signs of abating.
And as a result consumers will have noticed a price increase on the major supermarket shelves.
Australian Bureau of Statistics data 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.
This is an increase of 85c/kg on the previous quarter and $1.84/kg above this time last year.
The record breaking run of cattle prices so far this year, as producers rebuild their herds due to good seasonal conditions, is placing pressure on retail prices, according to a Meat and Livestock Australia spokeswoman.
The Eastern Young Cattle Indicator continues to break new ground, reaching 934.2c/kg carcass weight on Monday.
For the same period indicative retail lamb prices averaged $18.49/kg, up only 1c/kg from last year but still the historical peak.
In comparison, indicative chicken prices averaged $5.67/kg, back 2c/kg year-on-year, while pork averaged $13.05/kg, up 25c/kg.
“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,” the MLA spokeswoman said.
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.
“While livestock pressures have impacted retail prices across the board, we’re always looking to offer customers additional value through our weekly specials, which are frequently offered on popular meat products,” a Woolworths spokeswoman said.
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”.
“We know that value is important to our customers and Coles has a range of more affordable cuts for customers looking to save,” he said.
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