BREAKING: Global meat prices officially hit an all-time high in August, now up another +10% in 2025. This comes the US cattle herd is at its smallest in decades, while Brazil, a top exporter, is also seeing herd numbers shrink. Rising dairy prices are also limiting supply, as fewer cattle are being sent to slaughter, according to the FAO. Additionally, strong US demand lifted Australian beef prices due to tariffs, while Chinese imports from Brazil grew. Meanwhile, in the UK, beef and veal prices are up nearly +25% YoY. Food inflation is still here.(The Kobeissi Letter)