Treasury Secretary Scott Bessent blamed the soaring beef prices on a “perfect storm” of problems inherited from the Biden administration as well — as the spread of a horrifying parasite from Mexico.
“The beef market is a very specialized market. It goes in long cycles, and this is the perfect storm, again, something we inherited,” Bessent told Fox News’ “Sunday Morning Futures.”
The question from Fox Business’ Maria Bartiromo, followed an interview last week with Omaha Steaks President and CEO Nate Rempe — who warned that ground beef could rise to $10-a-pound by next fall.
He said it likely won’t come down in price until 2027.
Ground beef cost an average of $6.32 in September — up from $5.67 a year before, according to data from the Federal Reserve Bank of St. Louis.
I try not to look at the price when I pick up ribeyes at Sam’s Club — but it’s less often than it used to be.