Beef Prices Near Record Highs as Shrinking Cattle Herd Drives Up Costs, Yet Consumer Demand Remains Strong

Beef Prices Near Record Highs as Shrinking Cattle Herd Drives Up Costs, Yet Consumer Demand Remains Strong

Beef prices remain near record highs as the U.S. cattle herd sits at its smallest size in decades, pushing costs higher for consumers who continue to buy beef despite the increase. According to data from the U.S. Bureau of Labor Statistics, the average price of ground beef reached $6.75 per pound in May, up nearly 13% from a year earlier. Beef steak prices averaged $12.80 per pound, a 16% increase year-over-year.

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