(Bloomberg) — Prices for meat dishes that are traditional centerpieces of American meals are soaring, driving home the nation’s rising inflation rate and deepening discontent among voters.
Beef prices in November were up 20.9% from a year earlier, and roasts 26.4%, the Labor Department reported Friday. Pork rose 16.8%, and bacon 21%. Even more economical choices are surging, with chicken rising 9.2% and hamburger meat 13.9%. Overall, meat prices have risen 16% since a year ago.
Surging consumer prices have moved to the top of Americans’ concerns, contributing to plummeting public support for President Joe Biden. Food prices are among the most politically sensitive — along with gasoline, which has surged about 58% in a year — because they are routine purchases that regularly remind voters of inflation.
November’s overall annual inflation rate was 6.8%, the highest since 1982, early in Ronald Reagan’s presidency. Grocery prices overall were up 6.4% from a year ago.
Worries about inflation also have been an obstacle to congressional approval of Biden’s signature Build Back Better economic package, with moderate Democratic Senator Joe Manchin repeatedly raising concerns about its impact on consumer prices.
The Biden administration has been sensitive to rising meat prices. In September, White House National Economic Council Director Brian Deese blasted meat companies for “pandemic profiteering,” criticizing them for raking in record profits while raising prices for consumers. Meat company executives have blamed labor costs for rising prices.
There may be some relief ahead. Wholesale beef prices recently have been declining, earlier this week touching their lowest level since April, as seasonal demand drops. Gasoline prices at the pump have also dropped in the past few weeks.
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