What's Behind the Recent Uptick in Beef Prices?

If you’re paying more for your ground beef and steaks this year, this might be good news or bad news: you aren’t alone. Reports from all over the country have described an increase in prices for a certain variety of red meat. Earlier this year, for example, it prompted Michael Owen of South Carolina’s ABC 15 to ask local butchers for advice on the best way to get the best value for your dollar; tips included seeking out bulk purchases.

KCUR’s Anna Pope explored the reasons behind these higher prices — and offered some informed speculation as to when they might drop. The price of ground beef, for instance, has been dramatically rising following a brief spike in 2020, and it’s continuing to rise. The experts Pope spoke with cited a number of factors that played into the increase in prices, especially the drop in the number of cattle in the U.S.

Oklahoma State University Extension professor Derrell Peel told KOSU that increasing herd sizes won’t happen overnight. “[T]he nature of cattle production is a slow process,” Peel said in 2024.

There’s another factor at play as well: tariffs. In a May New York Times article, Ana Ionova reported that Brazilian beef has become increasingly popular in destinations from the U.S. to China. The higher prices of U.S.-raised beef has benefited Brazilian ranchers, but the prospect of higher tariffs has given that nation’s agricultural businesses some concerns as well.

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That combination of slow growth for domestic beef production and higher tariffs on international beef means that, according to KCUR’s findings, beef prices aren’t likely to drop any time soon. Federal Reserve Bank of Kansas City economist Cortney Cowley told KCUR that there’s one more factor in play: there’s more demand for beef in the U.S. than there is beef produced here. All of which means that unless Americans’ dining habits change, beef pricing trends are unlikely to do the same.