Beef Prices Continue Rise Ahead Of Fourth Of July Weekend

MINNEAPOLIS (WCCO) -- Americans will be celebrating July 4th with a lot of food. One item that may put a dent in their wallets is beef.

Prices have been fluctuating; mostly increasing for the past several years since 2005.

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.

John Shimshock, owner of Ready Meats in northeast Minneapolis, said July 4th is usually the biggest weekend for steaks. But, lately he's noticed customers are staying away from the higher end choices like ribeye, T-bone and porterhouse. He said some people are switching their sales to pork and chicken products because they're more affordable.

"Our ground beef is over $5 a pound, which is astronomically high," Shimshock said. "I've been doing this for a long time. I remember when the big discussion was whether people will buy if it goes over a $1 a pound. We're doing the same thing now. Are people going to buy over $5 a pound? They really have, but it's going to get to the point where a lot of people can't afford it."

Shimshock said when the price for beef increases, he has to pass it on to customers. He said it's a difficult balance because there's a risk they'll go elsewhere for their meat.