Food Prices Are Skyrocketing as Beef and Coffee Hit Record Highs

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00:00Food prices are skyrocketing as beef and coffee hit record highs.

00:05About 50% of Americans now say grocery costs are a primary stressor in their daily lives.

00:11In August, food prices rose 0.6% month over month,

00:15are about 30% above pre-pandemic levels, and are unlikely to fall soon.

00:23Grocery inflation has eased since mid-2022,

00:26but risks remain as tariffs, immigration policies, weather, and productivity challenges could worsen it.

00:36Retail coffee jumped 3.6% in August, 20.9% year-over-year, to a record $8.87 per pound.

00:45Droughts in Brazil and Vietnam, a 76% spike in green beans, and 50% tariffs drive prices higher.

00:52The United States cannot grow coffee domestically and relies on producing nations.

01:00Brazil's exports to the U.S. fell 26% in a month.

01:04Secife reports stressed performance and rising import costs.

01:11Produced prices rose sharply.

01:13Tomatoes plus 4.5%, lettuce plus 3.5%, bananas plus 2.1%, vegetables plus 3%,

01:21driven by labor dependence, tariffs, immigration policies, and weather shocks.

01:29Ground beef prices rose 13.9% year-over-year, to $6.32 per pound in August,

01:36driven by near 75-year-low herd sizes.

01:39In 2024, the U.S. became the world's second-largest beef importer,

01:47with 4.6 billion pounds amid supply strains from tariffs and Mexico import halts.

01:55Egg prices dropped from $6.23 to $3.59 per dozen,

02:01but remain 11% higher year-over-year due to tight supply after a bird flu epidemic.

02:09Rising food prices amid inflation and obesity risks threaten nutrition access

02:15and increase food insecurity for vulnerable communities.