BEEF INFORMATION CENTRE----P RES S RELEASE
RETAIL BEEF PRICES LOWEST IN SIX MONTHS

 

Retail beef prices have retreated to their lowest levels since June
of 1974 and are also substantially lower than they were one year ago,
according to Susan Donnan, Home Economist with the Beef Information
Centre, located in Toronto.

This present situation represents a very real opportunity for consumers
to increase beef consumption. The Beef Information Centre monitors
beef prices weekly in leading retail chains. The average price of a
pound of beef in Toronto retail stores at the beginning of February

was $1.43 per pound. This is down from a peak price of $1.52 per
pound reached in early August.

However, some retail chains are pricing more competitively than others.
The average price for example, in two major Toronto chains, is $1.36
per pound in each store and these chains are charging a normal mark-up
of between 20 and 21%. Three other chains are charging average prices
of $1.43, $1.45 and $1.55 respectively and in the case of the last
chain the mark-up is 38%.

The average price referred to is a weighted average price for all the
cuts in a carcass. Top prices for steaks have declined substantially
and a growing number of cuts are now priced below the weighted average.

With food costs and cost of living continuing to rise, consumers should
pe made aware of these substantial declines in beef prices - at least
6% since last summers peaks.

Beef producers meanwhile are being put through the worst cost-price
squeeze in many years. Market prices are not sufficient to cover
rapidly rising costs of production. So what represent very bad news
for producers is at least temporary good news for consumers and the
public would be well advised to take advantage of present low prices,
concludes Miss Donnan.

Some sample prices in five major chains in Toronto in the week of
February 5th, will interest consumers and will confirm the benefit of
price comparison shopping.

Average Price Highest Lowest

Prime Rib Roast 1.45 1.79 1.19
Cross Rib Roast 1.29 1.39 1.24
Short Rib Roast 96 1.18 . 84
Blade Roast .98 1.16 84
Shoulder Roast .89 .96 .84
Sirloin Steak 1,82 1.98 Leis
Chuck Steak , re 1.44 1.04
Blade Steak hee 1.258 1.04
Stewing Beef 1.40 1.49 1.38
Minced Beef .62 .78 49

February 13, 1975.