Trump asks for meat packer probe over beef prices

Retail prices for beef mince rose 12.9% in the 12 months to September, and beef steaks were up 16.6%, according to government data published in October.

A pound of ground chuck - richer mince from the neck and shoulder of cows - now costs an average of $6.33 (£4.75), compared to $5.58 a year ago.

The increases significantly outpaced general food inflation, which stood at 3.1%.

Some economists point to supply contraints, combined with robust demand for beef, as the main reason for high prices.

The countrys cattle inventory has fallen to its lowest level in nearly 75 years. Decades of contraction in the industry has worsened as several years of drought have forced ranchers to slash their herd sizes - and herds take several years to rebuild.

But others argue the US government could lower beef prices if it focused on the way a handful of companies dominate the market for meat processing.

Today, just four firms control more than 80% of the beef slaughtering and packing market. The meat processing firms - Tyson, JBS, Cargill and National Beef - have faced several lawsuits, including one filed by McDonalds alleging that they colluded to inflate the price of beef.

Consolidation in the meat processing industry has elicited bipartisan scrutiny.

The Biden administration issued an order directing agencies to tackle corporate consolidation across the food supply chain, though Trump revoked that order earlier this year.

Former President Joe Biden also asked the Agriculture Department to investigate big meat packers, accusing the firms of of raising prices and boosting their profits during the pandemic.