New Brunswick beef prices expected to drop by summer

With grilling season approaching, barbecue enthusiasts can hopefully look forward to beef being more affordable this summer.

Compared to last year's all-time high prices for beef in New Brunswick — where prices rose 50 per cent in the 18 months leading up to July of 2015 — those in the industry say relief is on the way.

James Rinzler, of Moncton's Rinzler's Meat Market, said consumers will appreciate the drop in prices.

"It's a good thing. Everybody is looking for better meat prices," he said.

The decrease, which should happen in the next six months, could account for a drop by a quarter in many beef product prices.

According to industry observers, it's is being driven by a drop in demand because many people switched to poultry and pork due to the high prices.

"Lesser desired product such as chicken, poultry or pork are starting to climb on retailer demand," said Nathan Phinney, chair of the Maritimes Beef Council.

"So it's putting pressure on beef prices which are going to force the price of beef down." 

Phinney said prices should come down 25 to 30 per cent.

It comes with a warning for beef fans though; Phinney said if the demand for other meat products increases and the supply is not able to keep up, beef prices could easily go back up.