U.S. beef prices are up 74 percent since 2009 to the highest on record, after a seven-year decline in the herd left the fewest cattle in at least six decades, government data show. Meat costs are rising faster than any other food group, eroding profit margins at Hormel Foods Corp. and forcing retailers such as Costco and Chipotle Mexican Grill to raise prices. And don’t expect much change, supply is expected to remain tight. It can take three years for things to turn around.
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