Walmart takes huge step toward lower beef prices

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Walmart announced the acquisition of a stake in Sustainable Beef, a rancher-owned company in North Platte, Nebraska, as part of an effort to strengthen its “commitment to increasing access to beef from high quality at an affordable price for its customers,” according to a press release.

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The retailer said the partnership will help complement the current beef industry and provide farmers with new opportunities to grow their business. Additionally, Walmart will be represented on the board of directors of Sustainable Beef, according to the release.

Walmart said the facility is expected to open next month and open by the end of 2024, and will create more than 800 new jobs.

“At Walmart, we are committed 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, meat and seafood services, Walmart US, said in the release. “We know that Sustainable Beef LLC has a responsible approach to beef processing, which includes creating long-term growth for livestock producers and family farmers. This investment provides greater visibility into the beef supply chain and complements Walmart’s regeneration commitment to improve pasture management.

With inflation at its highest level in four decades and food prices badly affected, it’s no surprise that Americans – even those with higher incomes – are heading to discount stores for groceries, like GOBankingRates previously reported.

Indeed, the home food index has increased by 12.2% over the past year and the overall food index has increased by 1% in June, bringing the increase to 10.4% for the period. 12 months ending in June. This is the largest 12-month increase since the period ending in February 1981, according to the Bureau of Labor Statistics (BLS). These figures are also higher than the headline 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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About the Author

Yael Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She has also worked as a VP/Senior Content Writer for major New York-based financial firms, including New York Life and MSCI. Yael is now independent and most recently co-authored the book “Blockchain for Medical Research: Accelerating Trust in Healthcare”, with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in journalism from New York University and one in Russian studies from Toulouse-Jean Jaurès University, France.

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