In August 2014, the average price for a pound of all types of ground beef topped $4 for the first time, hitting $4.013, according to the BLS.
In September, the average price jumped to $4.096 per pound; in October, the average price climbed to $4.154 per pound; and in November, the average price climbed to $4.201 per pound. In December, the price declined slightly to $4.156 per pound. But in January 2015,ground beef hit the highest price ever recorded at $4.235 per pound.
A year ago, in January 2014, the average price for a pound of ground beef was $3.467 per pound. Since then, the average price has increased 22.2 percent in one year.
Five years ago, in January 2010, the average price of a pound of ground beef was $2.279, according to the BLS. The price has since climbed by $1.956 per pound, or 85.8 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.
While the price of ground beef hit a record high in January, the CPI went down. “The Consumer Price Index for All Urban Consumers (CPI-U) declined 0.7 percent in January on a seasonally adjusted basis,” the U.S. Bureau of Labor Statistics reported today. “Over the last 12 months, the all items index decreased 0.1 percent before seasonal adjustment.”
“The food index was unchanged in January after rising through all of 2014,” states BLS. “Four of the six major grocery store food groups declined in January. The fruits and vegetables index fell 0.9 percent, with the indexes for fresh fruits and fresh vegetables both declining.
"The dairy and related products index also fell 0.9 percent, its largest decline since April 2012. The index for meats, poultry, fish, and eggs fell slightly in January, decreasing 0.1 percent despite the index for beef and veal rising 0.1 percent,” it states.
“The largest increase was posted by the meats, poultry, fish, and eggs group, which rose 8.7 percent with the beef and veal index increasing 19.0 percent,” states BLS.