Americans are likely to be grilling more steaks this Labor Day weekend due to decreasing retail prices and cattle market gains, which means steaks and burgers could be the cheapest they have been in years.
The price of beef has been soaring since 2014 when a drought forced a reduction in cattle herds. It resulted in the lowest consumption of beef since the 1970s.
But recent data from the Department of Agriculture shows consumption of beef products is set to rise to 1.4 per cent in 2018.
Economists say it is a direct result of price cuts and an increase in supplies as cattle owners continue to expand their herds.
The higher demand for beef products means retailers can afford to cut prices on more premium cuts of meat, according to market researchers.
The lower prices on beef also means there is a higher quantity of poultry and pork products available.
“Margins for retailers are great, and consumers are back into beef now that prices are better,” Will Sawyer, an economist at Greenwood Village, told Bloomberg.
Retailers are also having to slash prices of chicken and pork this Labor Day weekend because of an over supply.
Average consumers are expected to eat 222.2 pounds of meat, including both red meat and poultry, this year.