Beef prices are reaching record highs, with the average price per pound increasing by 9% to $9.26 since January and steak prices rising by 12.4% over the past year. Ground beef prices have also surged by 10.3%. Despite the drop in egg prices due to recovering chicken populations, beef prices are expected to remain high. A decrease in cattle herds, coupled with rising feed costs and tariffs on imported beef, contribute to the price escalation. A significant price drop is unlikely unless household incomes fall, resulting in reduced demand for beef.
Beef prices are hitting new record highs with the average price per pound jumping 9% to $9.26 since January and 12.4% over the past year.
Demand for beef remains high while cattle herds are at their lowest levels in 74 years, coupled with rising feed prices and increased costs for imported beef.
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