Beef prices tumble as America's tastes shift toward chicken
Why it matters: While there’s normally a decrease in demand of beef around this time at the end of grilling season, the declines this year are far more drastic than usual and beef prices are tumbling.
By the numbers: Wholesale-beef prices, a proxy for short-term demand, have fallen 10% from a peak in August, and an indicator for burgers has tumbled about 35%.
- The U.S. Department of Agriculture this month cut its outlook for beef consumption and now projects that demand for beef will stay stagnant from last year.
Of note: Darden Restaurants Inc., the operator of Olive Garden and Longhorn Steakhouse, said beef inflation has been cutting into profit margins during its first quarter.