Beef prices hit record highs due to supply issues, and rising production costs

Here’s a look at Thursday’s business headlines with Jane King, who talks about rising beef prices, a record-high price for gold,

Fed acknowledges economic uncertainty

The Federal Reserve on Wednesday left interest rates unchanged, as expected, and reaffirmed its forecast for two cuts this year.

However, Fed officials acknowledged that economic uncertainty had increased, raising their inflation forecast and lowering projections for growth.

Don’t have a cow: Beef prices soar

Beef prices in the U.S. are nearing record levels, driven by supply challenges and rising costs across most food categories.

According to data from the Federal Reserve bank of St. Louis, the average, per-pound price of 100% percent ground beef reached $5.625 in February.

This marks a nearly 10% jump since February of last year and is close to the all-time high set in September.

Beef prices are rising due to smaller cattle herds, rising feed costs and strong demand.

Americans cut back on snacks

Meanwhile, Americans are cutting back on Doritos, Goldfish and Hostess cakes. It’s not for their health, however – it’s a sign that even small indulgences have gotten too expensive for many to afford.

The slowdown is showing up on food giants’ bottom lines. PepsiCo, Campbell and JM Smucker have reported weak sales of their snack brands in earnings announcements in recent weeks.