Meat prices are about to soar even higher: report

meat cooler at a grocery store
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By , NewsRadio 1080 KRLD

If you find a good sale on ground beef or chicken breasts, you may want to stock your freezer.

Most animal protein prices are forecasted to increase "substantially" due to the higher feed costs, according to FOX Business.

The report cited an inflation note from research firm Evercore ISI, which indicated that chicken and hamburger prices are expected to continue rising, while steak prices will likely moderate.

Chicken breast could see the biggest price increase of all the meats -- reaching as high as 70% year-over-year in the first half of 2022, according to the report.

Pork and ground beef could also climb as high as 20% year-over-year during the same period, the report noted.

If you like pricier cuts like ribeye, there's a bit of good news. Steak prices are stabilizing as consumers with tighter budgets change their buying patterns to more affordable products, FOX reported.

As for why meat prices are climbing, the report indicates that a significant factor is the rising cost of grain used to feed livestock. Wheat prices have surged nearly 40% this month alone amid the ongoing conflict between Russia and Ukraine, according to Forbes.

David Palmer, a senior managing director of Evercore, told FOX that feed makes up roughly 25% of the production cost of beef, 50% the production cost of pork and 70% to 80% the production cost of chicken.

A recent analysis by CBS News found that meats have seen staggering price increases compared to a year ago -- with beef prices up 31%, chicken up 20% and pork up 13%. The report cited pandemic disruptions, inflation and high demand as contributing factors.

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