U.S. beef prices jumped to a 10-year high last week as the arrival of warm, dry weather over much of the country could have food truck chefs looking at alternative menu solutions to keep their menu prices in check.
The wholesale price choice beef, or cutout, on Wednesday jumped $3.10 to $199.49 per 100 lbs, the highest since $200.65 on Oct 20, 2003, according to U.S. Department of Agriculture data.
Consumers already are paying record high prices for beef and the latest surge in the wholesale market may push supermarket prices even higher. At supermarkets the average beef price in March was a record $5.30 per lb, eclipsing the previous record of $5.15 set in November, according to USDA’s Economic Research Service.
Those higher beef costs and reduced consumer discretionary spending may cause some food truck owners to switch from beef to other competitively priced meats or vegetables to fill the void.
We found in a recent poll that 66% of food truck owners have been forced to raise their entree prices (in the past year) due to rises in food costs they’ve seen at retail groceries.
Many of those who have not raised prices, are worried that if their food costs continue to increase that they will have to buckle and increase their menu items. Another concern is that they may begin using ingredients that do not cost as much as those that have increased in price the most which may require the removal of some of their most popular menu items.
Meatless Monday would be one way food truck owners can shift their food costs at least once a week. If you have interest in learning more or joining the movement? Signing up is fast and easy! Follow them on Twitter.