Tuesday, March 24, 2015

Price of Ground Beef Hits Record in February: $4.238 Per Pound

CNS News
March 24, 2015

(CNSNews.com) - The average price of a pound of ground beef climbed to another record high in February, hitting $4.238 per pound, according to data released today by the Bureau of Labor Statistics (BLS).
ground beef
Ground beef. (AP Photo)
In August 2014, the average price for a pound of all types of ground beef topped $4 for the first time, hitting $4.013, according to the BLS.
In September, the average price jumped to $4.096 per pound; in October, the average price climbed to $4.154 per pound; and in November, the average price climbed to $4.201 per pound.
In December, the price declined slightly to $4.156 per pound. In January 2015, ground beef hit $4.235 per pound and in February 2015, according to the latest data from the BLS, the price of ground beef hit the highest level ever recorded of $4.238.
A year ago, in February 2014, the average price for a pound of ground beef was $3.555 per pound. Since then, the average price has increased 19.2 percent in one year.
Five years ago, in February 2010, the average price of a pound of ground beef was $2.277, according to the BLS. The price has since climbed by $1.961 per pound, or an increase of 86.1 percent.
beef
The overall Consumer Price Index measures the relative change in the prices of a basket of goods and services relative to a basis of 100.  Subordinate indexes measure the relative change in price for individual goods or services or categories of goods and services.
While the price of ground beef increased over the month, the overall Consumer Price Index (CPI) increased as well. “The Consumer Price Index for All Urban Consumers (CPI-U) increased 0.2 percent in February on a seasonally adjusted basis,” the U.S. Bureau of Labor Statistics reportedtoday. “Over the last 12 months, the all items index was unchanged before seasonal adjustment.”
“The food index increased 0.2 percent in February,” said the BLS. “Also turning up in February was the index for meats, poultry, fish, and eggs, which rose 0.3 percent after declining slightly the prior month. The index for beef and veal rose 0.7 percent, its thirteenth consecutive increase.”

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