Your Christmas roast may cost far more than it did last year, but the soaring price of beef is set to simmer down in 2013, according to the U.S. Department of Agriculture.
Retail beef and veal prices are projected to rise 5.5% to 6.5% this year, more than previously estimated, after a scorching summer drought in the Midwest seared through crops used for livestock feed.
Next year, the meat will cost consumers 3% to 4% more – but that’s less than the USDA previously forecast. Steak in October cost 4.6% more than it did during the same month last year.
Across the board, food costs in the U.S. will have boomed as much as 3.5% this year, with as much as a 4% jump anticipated for next year. Last year, prices ballooned 3.7% after ticking up 0.8% in 2010.