Washington: US President Donald Trump announced Friday that he has directed the Department of Justice (DOJ) to "immediately" launch an investigation into meat-packing companies, accusing them of driving up beef prices through "illicit collusion, price fixing, and price manipulation."

According to Anadolu Agency, Trump stated his commitment to protecting American ranchers, who he claimed are unfairly blamed for the actions of mostly foreign-owned meat packers. These companies are alleged to artificially inflate prices and threaten the security of the nation's food supply. Trump emphasized the need for swift action to safeguard US consumers, tackle illegal monopolies, and prevent these firms from "criminally profiting" at the expense of the American people.

Retail prices for beef steak and ground beef have seen significant increases, rising 16.6% and 12.9% respectively in the year ending in September, as reported by the Bureau of Labor Statistics. The cost of a pound of ground chuck, a richer mince made from the neck and shoulder of cows, surged from $5.58 to $6.33 in September. These price hikes have surpassed the general food inflation rate, which stood at 3.1% in September.

Trump has urged the DOJ to act expeditiously in response to these concerns.