Inflation

U.S. beef prices are soaring to record highs due to trade tariffs, drought, and rising feed costs, potentially leading to the most expensive burgers in history. Ground beef prices surged to $13.49 per kilogram in June, a 12% increase year-over-year. Steak prices are also rising. A new 50% tariff on Brazilian goods, effective August 1st, will further inflate prices, potentially raising the total tax burden on Brazilian beef to 76%. Some businesses are reducing patty sizes to cope with the increased costs.

Lemon prices are soaring, with triple-digit increases reported in China. Wholesale prices have surged significantly due to increased demand, export volumes, and crop issues. This rise impacts both consumers and beverage businesses, with tea shops facing losses on lemon-infused drinks. Retail prices reflect this trend, and the high costs are projected to persist through summer.