Ground beef prices rose to $6.12 per pound in June, up nearly 12% year over year and surpassing $6 for the first time on record, according to Benzinga. Steak prices also increased, averaging $11.49 per pound with an 8% to 12% rise depending on the cut. The U.S. cattle inventory has declined to 86.7 million heads, its lowest level since 1951, representing an 8% decrease from 2019 to 2025. Drought conditions have reduced pastureland, leading to increased feed costs and overall production expenses. Import restrictions from Mexico and a pending 50% tariff on Brazilian beef due to a parasite outbreak are straining the supply chain. High interest rates and economic pressures are also contributing to the elevated prices of beef. Tyson Foods CEO Donnie King said beef is facing the most challenging market conditions the company has ever experienced. Americans are still buying beef at high levels despite record prices, according to the American Farm Bureau Federation.
