Why Ground Beef Prices Are Hitting Record-Highs in the U.S.

For many Americans, the cost of ground beef is starting to weigh down their weekly shopping baskets. Ground beef prices rose by 10.3% in June, when compared to the same time last year, surpassing $6 per pound. The price of steak rose by 12.4% within this period.

“Egg prices have been through a rollercoaster ride. And now with beef, we’re seeing quite a significant price rise,” says David Ortega, a food economist and professor at Michigan State University.

Earlier this year, egg prices skyrocketed, more than doubling in price in April when compared to March 2024. The sharp increase was caused by bird influenza outbreaks on American farms, which infected over 23 million birds that had to be culled.

As of early July, egg prices have since fallen back down to $3.78 per dozen from $6.23 in April.

Over the past 12 months, food prices as a whole have only risen by 2.7%, so what is causing this sharp increase in the price of ground beef?

Here’s a breakdown of what’s behind the soaring prices:

Cattle herd sizes are at a record low

Although the demand for ground beef products remains high in the U.S., the supply is facing a squeeze.

Cattle herd sizes are at the lowest they have been for almost 75 years, with just under 87 million cattle and calves recorded across the country at the start of 2025, according to the American Farmers Bureau Federation (AFBF).

AFBF economist Bernt Nelson has said that prices for feed steers (cattle bred for slaughter) have reached record highs, encouraging farmers to sell their cattle for meat production instead of breeding.