Grocery prices have been climbing and one area where costs have hit a record high is beef, a staple for many households.
Ground beef, usually the inexpensive choice for shoppers, has hit a record high. Shoppers can expect to pay $6.25 per pound, up from $5.49 a year ago and $4.26 five years ago, in July of 2020.
The average price for beef steaks has hit $11.87 a pound as of July. That's up from $10.85 in July of 2024 and $8.69 in July of 2020.
Farmers say the beef supply is low due to droughts and high feed prices, along with the popularity of pricier steaks during the summer months.
Sirloin steaks were an average of $13.55 a pound in July, up from $11.72 in 2024 and $9.41 in 2020.
Prices on those steaks could drop as the weather cools and shoppers turn to winter roasts, but those have seen a jump in price as well.
Chuck roast hit a high of $8.43 a pound in July. That compares to $7.78 in July of 2024 and $6.47 in July of 2020.
Tariffs are also adding to price increases, hitting imported beef that could help make up for a supply shortage in domestic product.
Inflation and high interest rates have also made farmers reluctant to expand operations until the economy settles into a more stable pattern.
For consumers, that means little relief is in sight. While a drop in demand could push beef prices lower, Americans haven't quit buying beef so far, despite the rising cost.
The only other way to shift prices is to grow U.S. cattle herds and increase supply, something that experts say will take two to three years at minimum and could take the rest of the decade.
Until then, shoppers can expect to see prices continue to rise.
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