Argentina: Meat consumption expected to be the highest in 5 years – 03/06/2023 – Market

Argentines are set to eat the most beef in the past five years in 2023, extending the country’s reign as number one in meat consumption per capita, despite the painful impact of 109% inflation on food prices, a report said. of the Rosário grain exchange this Friday (2).

The world’s biggest beef producer, where so-called “roasts” are a key part of the culinary culture and steakhouses dot the city streets, has seen beef consumption drop in recent years as prices soar and customers switched to cheaper chicken and pork.

This, however, appears to be partially reversing, even in the face of one of the highest inflation rates in the world, which has seriously hurt purchasing power. Analysts expect inflation to reach 130% by the end of the year.

“Despite everything, the traditional barbecue remains one of the pillars of the local gastronomic tradition and obligatory on most Argentinean tables,” said the exchange, adding that the likely consumption of beef this year will be 53.1 kilograms per person.

The exchange said the relative cost of beef to pork and chicken has fallen since 2021, although it has remained elevated from the historical average. Gross wages were also slightly higher than in 2021, although again lower than historical averages.

Beef’s share of meat consumption has risen this year to 46% from 44% two years ago. However, the amount of beef and its share is still far below peaks of around 68 kg per capita and above 70% over the past two decades.

The recent surge in data underscores the importance of beef in Argentina’s culture, even as the highest inflation rate since 1991 has pushed about 40% of the population into poverty.