Beef prices in the US are sizzling, hitting a record $5.98 per pound as of May, according to the Federal Reserve. It is the highest level since the Department of Labor began tracking data in the 1980s.
Ground beef alone is up 45% over the past decade, outpacing the 30% rise in the overall Consumer Price Index.
The surge is driven by a shrinking cattle supply—projected to drop to 27.8 million in 2025, the lowest since the 1960s—due to prolonged drought, reduced feed, and herd sell-offs.
Additionally, high grain prices, tariffs, and rising interest rates are keeping beef costs elevated. The USDA forecasts further price increases through 2026.
Restaurants like Hamburger America in NYC, where burgers start at $7.50, may raise prices. Overall, food prices remain nearly 17% higher than in 2022—a $100 grocery bill then now costs $116.85.