Ground beef and chicken breasts are more expensive than ever before and with all-time high prices that leave consumers with few alternatives some people may experience a meatless Memorial Day this upcoming Monday.
Bloomberg reported that ground beef and chicken are now retailing at historic highs of just under $5 per pound and over $4 per pound respectively. With Memorial Day serving as the unofficial start to the outdoor grilling season some grill enthusiasts might opt to order pizzas for the holiday instead.
The price spikes in meat come as inflation, in general, continues to spiral out of control, but in the wake of Russian President Vladimir Putin’s invasion of Ukraine agricultural products are experiencing additional price hikes. The Russian invasion of Ukraine has stalled crop exports in the Black Sea which has increased the global costs of animal feed.
Even the price for propane — which is essential for many grill owners to cook meat — has soared.
Michal Nepveux, a senior analyst of animal protein commodities at the risk-management firm Stable USA, said, “The inflationary environment is starting to take its toll. Instead of steak or chicken, we might have pasta or a pizza.”
The seemingly unending rise in inflation is having a considerable impact on how many Americans feel about President Joe Biden’s job performance.
According to a recent poll published by the Associated Press-NORC Center for Public Research only 39% of adults in the U.S. approve of Biden’s performance as president.
Overall, only about two in ten adults believe the U.S. is headed in the right direction or that the economy is in a good condition. As Americans grow increasingly frustrated with record high gas prices and historic levels of inflation, Biden’s approval continues to plummet. Notably, his approval among Democrats is also starting to slip.
Biden’s approval among registered Democrats currently sits at 73% which is down from 82% last year.
Only 18% of Americans believe that Biden’s policies have helped the economy more than they have hurt it.
Small business owners — who employ large swaths of the American population — are also feeling increasingly pessimistic about the economy. 57% of small business owners said that they predicted the U.S. economy will continue to worsen into the next year.
As inflation continues to cut into the profit margins of small businesses, the number of small business owners that are expecting their revenues to increase in the coming year dropped to 61% marking a steep decline from May 2020’s level of 79%.