Wholesale and retail food markets saw a sharp rise in meat costs in September, led by a 14.7% increase in beef and veal prices. The trend continues a steady escalation since May, with cuts such as roasts and steaks seeing the steepest growth at 18.4% and 16.6% respectively. Ground beef rose by 12.9%, underscoring mounting cost pressures across the supply chain.
Pork prices edged up by under 2%, though bacon and similar processed products rose nearly 6%, down slightly from August’s pace. Seafood prices increased 2.1% overall, driven by frozen products up 6.6%, while shelf-stable fish fell 3%. Produce costs also ticked higher, with apples up 5.3%, bananas up 6.9%, and lettuce up 4.2%.
Dairy and pantry staples moved in the opposite direction. Egg prices fell 1.3%, butter and margarine declined 2%, and peanut butter slipped 1.2%.
Rising food costs are unfolding amid wider economic and political uncertainty. Ongoing government funding disputes threaten to disrupt SNAP benefits and limit household purchasing power, adding volatility to grocery demand heading into the final quarter of the year.