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How the JBS Foods hack could affect the price of meat
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Meat prices up as cost of animal feed hits record high
Lydia Hu on meat prices
The hack of JBS Foods, one of the largest meat producers in the world, could send meat prices higher in the near future.
Meat prices were already rising in recent months. The price of beef and veal was down slightly in April, but was up 3.3% from April 2020, according to data released by the Bureau of Economic Analysis. The price of pork, meanwhile, shot up 2.6% in April, and was up 4.8% from April 2020. Poultry prices were also up about 1% in April.
The coronavirus pandemic hit the food industry hard, shutting down about 60% of beef, pork and poultry plants at the peak of its impact in April 2020, according to the U.S. Department of Agriculture.
Beef prices jumped 10.8% from April 2020 to May 2020, at least partly due to the plant closures and ensuing supply drop.