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Foods such as beef, eggs, and dairy have seen serious price drops over the course of 2016 and 2017 in the U.S.
The American government has reported declines in the food consumer price index food prices, which are down for the longest period in about 60 years.
Economists attribute the price drop to consumers’ decision to cut back on meat, among other reasons like the falling costs of energy and transportation.
From 2015 to 2016, the price of eggs has seen a 29 percent downturn, while the cost of fruits and vegetables are slowly growing.
‘Unique period’
Translating it into a shift of supply and demand, the National Public Radio reports that ‘people weren’t buying as much beef and eggs as farmers and ranchers were producing’.
“It is rather a unique period, something certainly I’ve never seen in my 37 years,” said Brian Todd, president and CEO of The Food Institute.
Dairy farmers Merri and Bill Post of Middleroad Acres are surprised at the price decline, saying that they ‘had prepared for low milk prices, but didn’t expect such a long streak’.
The couple added that they ‘lose money with every bushel of corn they feed a cow’.
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