Beef prices could hit record highs in 2024, experts warn: Here’s why

After the last few years, it may not be surprising to hear about rising costs at the grocery store (remember when egg prices skyrocketed during the pandemic?).

Now, experts are warning another grocery item could reach record prices: beef.

The latest Consumer Price Index report from the Bureau of Labor Statistics shows beef and veal prices are up 7.7% compared to January 2023. More specifically, ground beef is up 5.5%, beef roasts 6.7%, and beef steaks are up 10.7%.

This comes a week after the American Farm Bureau Federation (AFBF) warned we could soon see record-high beef prices.