Consumers Trade Rib-eye for Ground Beef as Grocery Prices Rise

Americans are cutting back on steak as rising grocery prices squeeze spending.

Supermarkets say shoppers are buying more store-brand meat products and trading down from beef to less-expensive alternatives such as chicken or pork, after prices for products such as rib-eye climbed about 40% from a year ago, according to research firm IRI. Some consumers are replacing boneless chicken breast with cheaper bone-in chicken, retailers said.