LEXINGTON, Ky. (WKYT) – Inflation is hitting the meat counter, specifically beef prices that have climbed significantly over the past four years.
According to the Bureau of Labor Statistics, the average cost of ground beef per pound was more than $6 in August, $2 more than it was four years ago. Factors include drought and a decline in inventory.
Kentucky is the largest beef producing state east of the Mississippi River.
Industry leaders cite market consolidation
Chris Earl, a cattle rancher from New Mexico who was in Lexington helping with an auction, said consumption has never been higher and should be the gauge for beef prices. Earl has about 800 head of cattle and has been in the business for more than 30 years…