Beef prices lift above 2016 levels

After a slump at the end of 2016, beef farmers on P.E.I. have seen prices rise back up again, according to a new report from Statistics Canada.

Prices for slaughter cattle peaked last year in February at $126.38 per hundredweight, before falling to a low of $93.26 in November, the lowest prices since December 2013.

But prices have risen every month since then. They passed the 2016 peak in May, and reached $129.23 in June.

A report in June forecast meat prices would rise nine per cent this year due to low inventories.

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