The retail price of prime beef has skyrocketed as a result of a combination of local meteorological circumstances and the effects of the worldwide pandemic on the cattle industry. Domestic cattle prices have been the highest in the world since June, according to figures from the industry association Meat and Livestock Australia.
Recently, labour shortages, supply chain interruptions, drought conditions in cattle country, and increasing consumer demand have all contributed to an increase in beef prices.
Why is the price of beef falling in China?
When the price of beef was expected to decline due to China’s current ban on beef imports and the prospect of an economic downturn leading to less demand for more costly meats such as beef, we were surprised to find that the reverse has happened: the price of beef rose.