Looking at the average shopping carts of Brazilian consumers in 2021, one could be excused for thinking that Latin America’s biggest country is experiencing a wave of vegetarianism. Beef consumption has dropped to its lowest level in 25 years, and Brazilian families are increasingly turning to alternative sources of protein, such as eggs, to make up their daily diets. Brazilians aren’t necessarily overlooking beef out of choice, however.
The price of animal protein has skyrocketed as a result of several factors: cattle stocks are down, the Brazilian currency is devalued, and several agricultural regions have been blighted by drought. Amid all of this, the purchasing power of Brazilian households has been significantly reduced by the Covid-19 pandemic.
According to the consumer price index IPCA — used to measure inflation in Brazil — beef prices have risen 38 percent over the last 12 months. In May alone, beef became...
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