The average price of ground beef reached $6.12 per pound in June, while uncooked beef steaks cost $11.49 per pound. Beef prices have been rising for 20 years due to tight cattle supply. The U.S. cattle herd has shrunk to 86.7 million, the lowest since 1951. Factors like drought, increased feed costs, and decisions to cull female cattle have contributed to this decline. Higher cattle prices are now reflected in consumer costs, and experts predict limited relief in the near future.
The average price of a pound of ground beef rose to $6.12 in June, up nearly 12% from a year ago. The average price of all uncooked beef steaks rose to $11.49 per pound, an 8% increase.
The U.S. cattle herd has been steadily shrinking for decades; as of Jan. 1, there are only 86.7 million cattle and calves, the lowest number since 1951.
The American beef industry has gotten better at breeding larger animals, allowing ranchers to provide the same amount of beef with fewer cattle.
Factors such as drought and rising cattle prices have contributed to the decline in cattle supply, which has subsequently raised beef prices.
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