In August, the average price for a pound of all types of ground beef topped $4 for the first time, hitting $4.013, said the BLS. In September, the average price jumped .083 cents to $4.096 per pound, an increase of 2.1 percent in one month.
In October, which is the latest data from the BLS, the average price for a pound of ground beef ($4.156) increased 1.4 percent from September.
A year ago, in October 2013, the average price for a pound of ground beef was $3.389 per pound. Since then, it has climbed 76.5 cents, or about 22.6 percent in one year.
Five years ago, in October 2009, the average price for a pound of ground beef was $2.177, according to the BLS. The price has since climbed by $1.977 per pound, or 90.8 percent.
The overall Consumer Price Index measures the relative change in the prices of a basket of goods and services relative to a basis of 100. Subordinate indexes measure the relative change in price for individual goods or services or categories of goods and services.
The price index for seasonally adjusted uncooked ground beef hit an all-time high of 292.588 in October, up 1 percent from September when it was 289.685. In 1947, the earliest year in this index, it was 26.5.
“The Consumer Price Index for All Urban Consumers (CPI-U) was unchanged in October on a seasonally adjusted basis,” the BLS reported. “Over the last 12 months, the all items index increased 1.7 percent before seasonal adjustment.”
“The all items index increased 1.7 percent over the last 12 months, the same increase as for the 12 months ending September,” states the BLS. “The index for all items less food and energy increased 1.8 percent over the span, and the food index rose 3.1 percent.”
“The food index rose 0.1 percent in October, its smallest increase since June,” states BLS. “The index for meats, poultry, fish, and eggs, which had been rising sharply in recent months, declined 0.4 percent. The beef and veal index rose 0.3 percent, but the indexes for pork, poultry, and eggs all declined.”
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