Walmart Makes Enormous Stride Toward Lowering Beef Prices
Walmart announced it acquired a stake in Sustainable Beef, a North Platte, Nebraska rancher-owned company, as part of an effort to boost its “commitment to increasing access to high-quality beef at an affordable price for its customers,” according to a press release.
The retailer said that the partnership will help supplement the current beef industry and provide additional opportunities for ranchers to increase their business. In addition, Walmart will have representation on Sustainable Beef’s board, according to the release.
Walmart said that the facility is slated to break ground next month and open by late 2024, and will create more than 800 new jobs.
“At Walmart, we are dedicated to providing high-quality, affordable beef to our customers, and an investment in Sustainable Beef LLC will give us even more access to these products,” Tyler Lehr, senior vice president of merchandising for deli services, meat and seafood, Walmart U.S., said in the release. “We know Sustainable Beef LLC has a responsible approach to beef processing, one that includes creating long-term growth for cattle ranchers and family farmers. This investment provides greater visibility into the beef supply chain and complements Walmart’s regeneration commitment to improve grazing management.”
With inflation at a four-decade high and food prices being enormously affected, it’s no surprise Americans — even those in higher income brackets — have been heading to discount stores for groceries, as GOBankingRates previously reported.
Indeed, the food at home index rose 12.2% in the past year and the overall food index increased 1% in June, bringing the increase to 10.4% for the 12-months ending June. This is the largest 12-month increase since the period ending February 1981, according to the Bureau of Labor Statistics (BLS). These figures are also higher than the overall inflation rate, which stood at 9.1% in June.
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In turn, 90% of Americans say they are concerned about food prices, according to a Harris Poll survey.
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