Food price inflation continues to be headline news. Following a sustained period of minimal food price increases (averaging 1.3%) during the 2015-2019 period, annual food price inflation in the United States spiked at 10% in 2022 in response to a wide variety of factors including fallout from Covid-19 supply chain interruptions, military conflicts disrupting global trade, weather/disease issues, along with higher energy costs and labor supply challenges. Prices moderated in 2024, with food prices increasing 2.3%, but have been stubbornly persistent in 2025 --increasing by more than 3% on an annual basis over the past three months.

Historically low beef inventories amidst strong consumer demand for beef, along with continued disease pressure caused by avian influenza reducing poultry suppl

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