Beef prices reach record high

Anyone firing up the grill this summer already knows hamburger patties and steaks are expensive, but the latest numbers show prices have climbed to record highs. The average price of a pound of ground beef rose to $6.12 in June, up nearly 12% from a year ago, according to U.S. government data. The average price of all uncooked beef steaks rose 8% to $11.49 per pound. But this is not a recent phenomenon. Beef prices have been steadily rising over the past 20 years because the supply of cattle remains tight while beef remains popular. The U.S. cattle herd has been steadily shrinking for decades. As of Jan. 1, the U.S. had 86.7 million cattle and calves, down 8% from the most recent peak in 2019. That is the lowest number of cattle since 1951, according to the U.S. Department of Agriculture.