Dinner just got a little more expensive for all the carnivores out there. With meat prices hitting record highs last year, the trend is only expected to continue.
According to a report from the United States Department of Agriculture, production declines in 2012 will more than likely push prices higher in 2012 for beef and poultry.
While cattle production was significantly higher in 2011 than the year prior, the large amount of cow slaughters have led to a lower supply coming into 2012. Supply shortages and expectations for lower inventories will, in turn, push prices upward, according to the report. Producers will likely retain many of their heifers in efforts to expand their herd, leaving less cows on the chopping block. Retail prices in 2012 are expected to surpass 2011 prices, but by how much will depend on the economic recovery, beef imports and prices for pork and poultry.
Likewise, poultry is also expected to rise in price after showing consistent decreases in 2011. While prices were down in 2011, meat production has been down over the second half of the year. The drop in supply, just like beef, will call for higher prices. Eggs, however, are expected to decline in price and should average about $1.02 to $1.10 a dozen this year, about 8 percent lower than in 2011. Milk is expected to decline in price, along with cheese and butter.
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