Australian Beef Prices Hit Record High As Food Inflation Concerns Persist — America Is Next

After decades of low inflation and relatively cheap food prices, those days appear over as food inflation soars worldwide. The latest observation that food prices are out of control is in Australia.  Australian cattle futures are at record-highs as farm operators hold back livestock from slaughterhouses to rebuild herds after years of drought forced many cattle operators to cull herds. Supply disruptions have resulted in the benchmark Eastern Young Cattle Index soaring to A$10.082 ($7.26) a kilogram. From the 2020 low, prices have more than doubled in a year.  A$10.082 ($7.26) per kilogram is the highest price paid back to 1997 when the contracts began trading. Bloomberg notes the high prices “has raised the risks that the nation’s steaks will slip off global menus — while worldwide demand for beef is robust in many markets.”  The surge in prices could mean the…

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