NOBULL: Price of beef posts biggest spike in a decade

Price of beef posts biggest spike in a decade

By Meatingplace Editors on 3/20/2014

The Labor Department said beef prices in February recorded their biggest monthly gain in a decade even as overall inflation at the consumer level was tame.

Beef and veal prices climbed 4 percent in the U.S. Bureau of Labor Statistics’ Consumer Price Index, the largest jump since 2003, when concerns about mad cow disease in Canada caused prices to surge.

The price of pork was up 0.2 percent in February and the price of chicken fell 0.1 percent.

The overall food index rose 0.4 percent in February, the largest increase since September 2011. The index for meat, poultry, fish and eggs rose 1.2 percent. The price for food consumed at home climbed 0.5 percent, while full-service meals away from home cost 0.4 percent more.

The index for all items excluding food and energy rose 0.1 percent in February.