America's vegetarians and vegans are winning the inflation fight as meat prices go up while veggies get cheaper.
By the numbers: In June, Americans shelled out 6% and 5% more for beef steaks and roasts respectively. And they paid 5% more for pork chops, according to Consumer Price Index data reported by MarketWatch.
- Meanwhile, canned vegetable prices dropped by 1.2% and frozen by 0.7%.
- Another headache for meat lovers: Fast food chains are dealing with a fried chicken shortage as the country continues to feel the repercussions of the pandemic's disruption of meat-packing plants.
The big picture: About 5% of Americans are vegetarian and 3% are vegan, per Gallup. Despite greater attention to meat alternatives, that rate hasn't changed much in the last couple of decades.
- But look for that percentage to tick up as plant-based diets keep gaining popularity among younger consumers.
- Eight percent of 18- to 34-year-olds and 7% of 35- to 54-year-olds are vegetarian, compared with just 2% of those over the age of 55, according to Gallup.