Argentines grill more steak despite biting 109% inflation

Argentines are expected to eat the most beef in five years in 2023, extending the South American country's reign as the No. 1 steak consumer per capita despite the painful impact of 109 percent inflation on food prices, according to a Rosario grains exchange report.

The major beef producer, where "asado" barbecues are a key part of the culinary culture and steakhouses dot city streets, has seen in recent years beef consumption dip as prices climbed and diners shifted to cheaper chicken and pork.

That, however, is partly reversing, even in the face of one of the world's highest inflation rates which has badly hurt spending power.

Analysts expect inflation could hit 130 percent by the end of the year.

"Despite everything, the traditional asado remains one of the pillars of the local gastronomic tradition, and a must at most Argentine dinner tables," the exchange said, adding likely beef consumption this year would be 53.1 kilogrammes per person.

The exchange said the relative cost of beef versus pork and chicken had dropped since 2021, though it remained elevated versus a historical average.

Gross salaries were also slightly higher than in 2021, though again lower than historic averages.

The proportion of beef in meat consumption climbed this year to 46 percent from 44 percent two years ago.

However, the amount of beef and its share is still far below peaks of some 68 kg per capita and over 70 percent in the past two decades.

The recent bump in the data underscores the importance of beef in Argentine culture, even as the highest inflation rate since 1991 has pushed some 40 percent of the population into poverty.