Kantar data published by AHDB shows retail demand for beef in the UK fell by 9.1% in the 12 weeks to 10 July 2022 as the average retail price of beef increased by 8%, on average.
The retail price increase was highest for mince beef at 11.8% but, despite this, consumer spend on the product increased by £11.2m (€13.3m). Spend on roasts and steaks was down £13.5m (€16.1m) and £13.6m (€16.2m), respectively.
Volume sales were down by 10.6% with retail prices increasing by 5.6% on the previous year. Sales were down compared with the year ending July 2019, which was pre-pandemic, by 3.6%. For lamb, volume sales fell by 18.9% in the 12 weeks to 10 July as retail prices increased by 11.3%.
The Financial Times reported that global brands such as Unilever, Coca Cola and McDonald’s have highlighted inflation pressures this week that will lead to higher consumer costs for these products