Consumers trade rib-eye for ground beef as grocery prices rise

Supermarkets say shoppers are buying more store-brand meat products and trading down from beef to less-expensive alternatives such as chicken or pork, after prices for products such as rib-eye climbed about 40% from a year ago, according to research firm IRI. Some consumers are replacing boneless chicken breast with cheaper bone-in chicken, retailers said.

Retailers said they are securing larger amounts of cheaper meat products as they anticipate more shoppers will seek bargains.

“Everybody is trying to find something that fits within their wallet,” said Carey Otwell, director of meat and seafood at Mitchell Grocery Corp. The Alabama-based chain has recently been selling more ground beef and fewer middle-meat cuts such as strip steak and rib-eye steak, he said…

Store brands, which typically cost less than branded products, gained 2.7 points of market share in poultry, 2.5 points in frozen meat, and 2.1 points in breakfast meat in the four-week period ended Oct. 20 year over year, according to IRI. Store brands lost 0.3 point of share in overall food during the same period.