Red-meat consumption in Argentina has fallen to the lowest in a century as Argentines can no longer afford to eat their own beef owing to the price hike, according to a Bloomberg report.

Argentina is a country that has long been named among the world’s most voracious meat-eaters. In 2019, however, Argentines ate an average of 51 kilograms (112 pounds) of red meat, the lowest level since 1920, said the report citing CICCRA data.

The reasons behind the declining demand of red meat are said to be country’s economy poised to contract for a third straight year, high inflation rate in the country and wage growth lagging behind price rises.

Argentina's consumer prices rose 53.8 percent in 2019, the biggest increase in 28 years.

An export renaissance is adding to the domestic price pressures, said the report, which was spiked in 2019 when the country shipped 8,31,000 tonnes of beef, up from 199,000 in 2015.

Argentines have shifted to chicken or pork, said the report.

In view of increasing prices and declining demand for red meat, the nation’s new President Alberto Fernandez is looking to put more caps on prices in supermarkets to make beef affordable again.

According to the report, his administration is holding talks with industry representatives over the possibility of adding more beef cuts to the price-control system in supermarkets. At the moment, prices are capped for four types.

In January, he relaunched a price freeze program on 310 staple items, including some beef products, added the report.