Off the Tendon Train

2021: beef tendon was $6.99 / pound at 99 Ranch

Economists say that changes in the Consumer Price Index overstate inflation:

[the CPI] omitted consumer substitution [bold added], did not fully account for quality change, and failed to properly reflect the addition of new goods.

Last year the skyrocketing price of steak prompted me to experiment with cheaper cuts, such as brisket, and even specialty cuts like tendon and tripe.

Tendon itself had increased from $5 a pound to $6.99 (pictured), but on a relative cost basis it compared very favorably to $12 steak. Buying tendon instead of rib eye is a textbook example of consumer substitution.

I went to the store last month intending to cook and freeze another batch of tendon, which can not only be delicious when prepared properly but is also a source of collagen that strengthens aging joints.

The $10.99 price, 57% higher than last year, stopped that plan in its tracks.

And so it was that I got off the tendon train and switched to steak. Substitution circled round; I wonder if economists have a name for that.