Meat prices at both the consumer and wholesale level spiked in May as the coronavirus dealt a serious blow to capacity at U.S. processing plants.

Wholesale beef and veal prices rose 78%, while consumer prices rose 18.2%, according to the U.S. Bureau of Labor Statistics. Those jumps in protein prices drove gains in the broader indices. The "food at home" component of the consumer price index, or CPI, advanced 4.8% during the month over May 2019, while the "final demand food" category of the producer price index, or PPI, notched a 6.9% gain over the same period.

Grocery analysts determine the state of grocers' margins using the difference between the food-focused portions of the PPI and CPI. In May, the difference was negative by 2.1 percentage points, suggesting that grocers' margins were likely pressured during the month.

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The increase in meat prices is the latest to hit food retailers in recent months as a result of the pandemic. Rapid increases in the cost of eggs, meat and other items have pushed consumer food prices to their highest levels in decades as customers bought more food at grocers and avoided restaurants over health concerns. Limits on movement have also complicated efforts to measure price changes at physical retailers.

Outbreaks of coronavirus among workers at meat plants owned by Tyson Foods Inc., JBS SA and other meat processors have strained meat supplies at retailers in recent weeks, temporarily closing facilities and driving prices higher. Major grocery retailers such as Walmart Inc. and BJ's Wholesale Club Holdings Inc. have tried to limit price increases and restricted fresh meat purchases at their stores in response.

"Protein inflation has picked up over the last few weeks as plants have been inoperable in certain parts of the country," Executive Vice President, CEO and President of Walmart U.S. John Furner told analysts during a call May 19. "And as those have gotten back to limited operating capacities, we'll continue to moderate that."

Not all of the increase has passed straight to retailers' shelves. Food distributor SpartanNash Co., which supplies grocery stores, saw inflation on its meat products go from just over 6% during its first quarter ended April 18 to 17% in the early weeks of its second quarter.

But the company has not passed all of that increase to its retail customers. "We've been eating that early in the second quarter," Chairman, Interim President and CEO Dennis Eidson told analysts during a call May 28. "We can't get that at shelf."

Overall, the CPI category for meats, poultry, fish and eggs rose 10% in May, while prices for dairy and related products advanced 5.7% and nonalcoholic beverages and beverage materials increased 4.1%. Other food at home items, which include candy and frozen foods, were 3.9% higher, while cereals and bakery products notched a 2.6% gain, and fruits and vegetables ended the month 1.5% higher.

Aside from beef and veal, gains in the prices of eggs for fresh use and pork contributed to the increase in producer prices, while prices fell for grains, fresh and dry vegetables, as well as dairy products.

Deals during the month leading to June 11 included PepsiCo Inc.'s sale, announced June 2, of its Scandinavian cereal brand Havrefras to Orkla Foods Sverige AB, the Swedish arm of consumer goods company Orkla ASA. The companies did not disclose the value of the sale.

On June 9, Nestlé SA said it was selling its Buitoni pasta business in North America to Brynwood Partners Management LLC. Under the deal, worth $115 million, the business will be run as Buitoni Food Co.

Meanwhile, Koninklijke Ahold Delhaize NV-owned Food Lion LLC agreed June 3 to acquire 62 stores from Southeastern Grocers LLC for an undisclosed amount. The stores are located in North Carolina, South Carolina and Georgia. While they currently operate under the Bi-Lo and Harveys banners, Food Lion plans to convert the stores to its own banner after the transaction closes in early 2021.