Soaring beef prices show signs of easing

Beef prices in Canada have risen significantly over the past few years. Low cattle supply, steady demand, COVID-19 and recent conflicts have contributed to the 14% year over year increase. Data from Statistics Canada suggests relief could be on the way, with cattle numbers rising this year for the first time since 2018.

“It’s recovering, it’s recovering. It’s getting a lot better,” said Chris McNally, instructor of Professional Meat Cutting and Merchandising at NAIT. “Because beef costs are so high, there’s only so much that the market can allow. So, if your beef costs get so high that now a portion of population can’t buy it, well you’ve decreased the amount of demand that you have. Now they are still making, they are still breeding, they are still having more beef. So, it is getting much better.”

As cattle numbers are slowly catching up to demand, Canada’s Food Price Report suggests a return to normal beef prices could be seen by mid-2027.

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