Around this time last year, the price per pound for ground beef stood at $3.88. Just two months ago, the Bureau of Labor Statistics increased the price to $4.13. Now, it’s topping five dollars at local meat markets.
People are getting sticker shock when shopping for beef at the local grocery story. Beef prices are the highest they’ve been in 27 years. The experts say it’s all because of supply and demand.
If beef is what’s for dinner at your house, it’s going to cost you more. Beef prices are the highest they’ve been in 27 years. Fewer cattle, drought and cold weather are all contributing to push prices to an average of $5.04 per pound in January Penny Jernberg, general manager of the 5-8 Club in Minneapolis, says the demand for her restaurant’s trademark juicy Lucy burger is steady, while prices for the main ingredient are climbing.
The sizzle you hear on the grill could be record high prices we’re now paying for beef, which couldn’t come at a worse time: The start of summer grilling season.