Burgers that cost $8.95 before the pandemic are now $11.95, and ribeye steaks can top $19 a pound
It is a costly affair to dine on beef these days, with the price of steaks and ground beef up 54% and 51%, respectively, from 2020, according to the Bureau of Labor Statistics.
Why?
The US cattle herd is now at its smallest size in 75 years, and the USDA expects beef production to fall 4% this year and another 2% in 2026.
Imports aren’t filling the gap either, with tariffs on Brazilian beef and restrictions on Mexican livestock adding to the squeeze.
These factors have resulted in historic highs in cattle prices and sticker shock at restaurants and grocery stores.
Hamburgers that cost $8.95 before the pandemic now cost $11.95, and ribeye steaks can top $19 per pound. Some barbecue joints are even considering pulling brisket off the menu due to its high prices.
Consumers are pushing back
Between mid-July and mid-August, grocery shoppers bought only 0.2% more ground beef than in 2024—down from a 4% annual jump that year.