Where’s the beef? Prices hit a record high amid limited supply

It’s prime grilling season, and beef prices are wafting up like smoke off a sleek Weber three-burner.

• For the first time in recorded US history, the average price of ground beef has crossed the $6/lb mark, representing a 12% increase from one year ago, according to new federal data from June.
• Steak prices have also jumped 8% year-over-year, per the latest Consumer Price Index.

Driving the moo-ve

Demand for beef in the US has remained consistently strong in recent years, with it ranking as the second-most consumed meat on average behind chicken.

However, America’s beef supply has taken a hit due to a combination of factors, including increased tariffs on beef imports and a multi-year drought that has shrunk cattle herds.

• Overall US cattle inventory is currently 8% smaller compared to 2019, falling to its lowest level since 1952.

Looking ahead…The twin pressures of fewer cattle and strong demand for beef are projected to remain for the foreseeable future, meaning Americans will likely keep paying more into 2026 and beyond, industry experts say. Or in other words: the steaks will remain high.