Chicken costs spike, but steak prices are falling

Red Meat
Posted at 1:14 PM, Sep 13, 2022

Steak lovers might be finding lower prices than a year ago. The cost of beef steaks fell 3% in the last year, the Bureau of Labor Statistics reported on Tuesday. The only other food item to see a price decrease in the previous year was tomatoes.

Meanwhile, the data from the BLS indicates the price of chicken meat is continuing to rise. In the last year, the price of chicken at grocery stores increased by 16.6%.

Overall, the price of food at home jumped 13.5%. Food away from home increased by 8%.

For those trying to feed large numbers of people, like couples getting married, changing prices are causing consumers to rethink what they serve.

With inflation up 8.3% in the last year and many guests to serve, couples are scrutinizing every dollar they spend on food.

"Chicken used to be the most cost-effective meat dish and I've had a caterer recently tell me beef is a whole lot cheaper than getting chicken at this point in time," wedding planner Rayna Roseby said.

It’s not just food that bridal parties are considering. Flowers and rentals for items like chairs, tables and linens are also expensive because of staffing shortages. Before, rental companies would pick up and deliver anywhere, but now they have to be choosier about customers and locations.

Roseby is noticing that micro-weddings are becoming more popular. Those events with no more than 50 guests can be cost-effective.

"They are much more intimate affairs, but they still get all the bells and whistles so that they can get those memories," Roseby said.

Reporting from KMTV's Isabella Basco was used in this report.