Beef prices are rising due to a historic drought and herd liquidation.Oscar Wong/Getty ImagesBeef prices in the US are rising due to a historic drought and herd liquidation.Fast-food chains like McDonald's and Burger King have already raised prices due to inflation.Consumers may not see lower burger prices until 2027 or 2028, when beef supplies could recover.Inflation has not been kind to food prices — especially for eating out.According to the consumer price index, food away from home rose 4% in the 12 months to August — higher than gains in both grocery store prices and the overall CPI.Starbucks, McDonald's, KFC, In-N-Out, and Olive Garden are among the chains that have raised prices due to the soaring cost of labor and commodities.McDonald's CEO Chris Kempczinski said in July that a fall in sales in the most recent quarter could partially be attributed to its food being too expensive.In response to consumers exploring different options — like eating at home instead — restaurants have realigned efforts into value menus.
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nredmond@insider.com (Nora Redmond), Business Insider
Mon, 10/14/2024 - 2:15am
Topics: oscar wong/getty imagesbeef august cpi starbucks olive garden mcdonald's ceo chris kempczinski lance zimmerman rabo agrifinance erin mcdowell/business insiderthe us american wendy's yum pizza hut taco bell department agriculture usda zimmerman westend61/getty imagesjay bandy goliath consulting group georgia-based accenture for dudler a mcdonald burger king us mcdonald's kfc mcdonald's july business insider bi dudler expensive prices herd chicken due problem cows clients told protein supplies consumer home including breeding time bred historic drought higher rising months consumers fine ice options dining issue expect
BING NEWS:
- Sorry fast food fans — your burger is only going to get more expensive
Beef prices in the US are rising due to a historic drought and herd liquidation.Fast-food chains like McDonald's and Burger King have already raised prices due to inflation.Consumers may not see lower ...
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