Beef prices are declining for now, bringing some relief to American consumers who appear to be lately favoring cheaper sources of protein like chicken, as inflation started to spike months ago.
Consumer demand had been trending towards cheaper cuts of meat or other sources of protein like poultry.
The average price of steak is typically among the more expensive grocery store purchases, but is now heading downwards after over a year of price increases.
Although overall food prices increased by 10.9 percent in July from the same month last year, the price of uncooked beef steaks fell by 1.2 percent over the same period….