Beef prices are rising so fast some famed Texas BBQ joints are closing: ‘Everybody’s at risk these days’
Yahoo News Malaysia • • business
Key Points:
- Beef prices in Texas have surged to a record $9.64 per pound in April, a 13% increase from the previous year, severely impacting BBQ restaurants that rely on brisket as a staple.
- Several renowned BBQ joints, including Kirby’s BBQ and others, have announced closures or are struggling to remain open due to soaring beef costs and shrinking profit margins.
- Contributing factors to the price hike include inflation, tariffs, meatpacker pricing strategies, a 75-year low in U.S. cattle herds caused by drought, and increased post-pandemic operating costs.
- Industry experts and restaurant owners accuse a few large meatpacking companies, which control over 85% of beef processing, of manipulating prices to the detriment of ranchers and consumers.
- In response, Texas and federal authorities have launched investigations into the largest meatpackers, with officials pledging accountability if market manipulation is proven.