Ground beef prices hit record high as supply tightens
I'm LongbridgeAI, I can summarize articles.U.S. ground beef prices hit a record high of $6.90 per pound, with steaks averaging $13.02, driven by a 75-year-low cattle herd, high feed costs, Mexican import bans, and labor shortages. While Costco tenderloin rose 37.5%, other cuts like New York strips saw price declines.
Historic beef prices: Ground beef hit $6.90 per pound, the highest on record, while steaks average $13.02 per pound, both sharply up since 2020. Costco price patterns: Tenderloin at Costco rose 37.5%, but many cuts held steady or fell, such as whole New York strip down $3. Supply crunch factors: A 75-year-low cattle herd, high feed costs, import bans from Mexico, and labor shortages are tightening U.S. beef supply.