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The rise in beef prices has been affecting consumers attempting to stay within their family budget. A monthly survey shows shoppers are willing to pay more for most meat products, leaving analysts to speculate the price ceiling.
The monthly Food Demand Survey from the Oklahoma State University Department of Agricultural Economics shows the price consumers are willing to pay for a selection of key meat products increased in January. Steak showed the largest increase of any meat, up almost eight percent to $6.91 per pound. The move higher steep compared to the 0.23 percent increase for hamburger in January. The online survey of over 1,000 individuals showed consumers were willing to pay a penny more for hamburger in January compared to the previous month.
Beef prices continue to increase this week. Wholesale choice beef prices set a new record for the ninth consecutive day Tuesday, gaining $3.16 to $239.72 per hundredweight. Prices have rapidly improved since the last week of December and have gained over $40 per hundredweight in that time.