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Drought and High Costs Push Beef Prices to Record Highs

Published: 01-29-2025, 03:15 pm | Updated: 01-29-2025, 12:16 pm

U.S. beef prices have hit historic highs, with sirloin steak and ground beef prices up 38% and 45% respectively since 2019.

While overall food inflation has moderated to 2.5%, beef prices continue to outpace general inflation, rising 4.9% year-over-year in December.

This surge stems from multiple challenges facing cattle farmers, including severe drought conditions, elevated grain prices, and higher interest rates, which have led to the smallest U.S. cattle inventory since 1951.

Despite these record prices, consumer demand remains robust, particularly during summer months. Industry experts warn that without a significant increase in supply or decrease in demand, prices are likely to climb even higher, especially around peak seasons like Fourth of July.

 

Original Source: NerdWallet

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