DOJ Investigates Meat Packing Price Fixing

The Department of Justice is investigating whether illegal activity is driving up meat prices. Investigators are looking for information regarding antitrust crimes, price fixing, bid rigging, market allocation, or fraud. Meat prices reached record highs this year. Cattle numbers are currently at their lowest levels since the 1950s. The DOJ is seeking information from the public regarding these potential crimes. The probe follows rising meat prices that have impacted consumer spending. The investigation aims to examine pricing practices within the sector. Four major meat packing companies currently control 85% of beef processing in the United States. Consumers are facing record high prices, with ground beef costing roughly $5 to $7 per pound and steaks reaching $14 per pound. The investigation aims to address the market power held by these dominant firms.