Ground beef prices continue hitting record-high levels.
Newsweek says that’s despite still shrinking cattle herds and import restrictions set to push costs even higher.
Government data says the average price of a pound of 100% ground beef rose to $6.12 in June, 12% higher than last year.
That’s also up from $5.98 in May and $5.47 in June.
Industry experts say this trend shows no signs of slowing down, which means that there may be upward pressure on prices through 2026 and beyond.
The average price of all uncooked beef steaks rose 8% to $11.49 per pound.
Axios said the U.S. is dealing with significantly lower beef supplies, and that’s what is driving up the price of beef right now.
The number of U.S. farms, including ranches, dropped by seven percent between 2017 and 2022, and it’s taking a long time to rebuild U.S. herds.
