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A butcher arranges meat products. Photo: Spencer Platt/Getty Images

Chicken is starting to become Americans' favorite meat and beef looks to be be paying the price, per Bloomberg.

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.

Go deeper: Popeyes' chicken sandwich and the future of fast food

Go deeper

Updated 7 hours ago - World

Mexican President López Obrador tests positive for coronavirus

Mexico's President Andrés Manuel López Obrador during a press conference at National Palace in Mexico City, Mexico, on Wednesday. Photo: Ismael Rosas/Eyepix Group/Barcroft Media via Getty Images

Mexican President Andrés Manuel López Obrador announced Sunday evening that he's tested positive for COVID-19.

Driving the news: López Obrador tweeted that he has mild symptoms and is receiving medical treatment. "As always, I am optimistic," he added. "We will all move forward."

7 hours ago - Politics & Policy

Sarah Huckabee Sanders to run for governor of Arkansas

Sarah Huckabee Sanders at FOX News' studios in New York City in 2019. Photo: Steven Ferdman/Getty Images

Former White House press secretary Sarah Huckabee Sanders will announce Monday that she's running for governor of Arkansas.

The big picture: Sanders was touted as a contender after it was announced she was leaving the Trump administration in June 2019. Then-President Trump tweeted he hoped she would run for governor, adding "she would be fantastic." Sanders is "seen as leader in the polls" in the Republican state, notes the Washington Post's Josh Dawsey, who first reported the news.

Coronavirus has inflamed global inequality

Illustration: Aïda Amer/Axios

History will likely remember the pandemic as the "first time since records began that inequality rose in virtually every country on earth at the same time." That's the verdict from Oxfam's inequality report covering the year 2020 — a terrible year that hit the poorest, hardest across the planet.

Why it matters: The world's poorest were already in a race against time, facing down an existential risk in the form of global climate change. The coronavirus pandemic could set global poverty reduction back as much as a full decade, according to the World Bank.

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