Ken Silver, president of Jim’s South St. in Philadelphia, is concerned about the impact of rising beef costs on his restaurant’s prices. The cost of beef from his supplier has increased by $1 per pound over the past year, adding to a 50% increase since he reopened in 2024 after a fire.
The average price of a pound of ground beef rose to $6.12 in June, up nearly 12% from last year, according to US government data. Beef steak prices also increased, with an average cost of $11.49 per pound.
Silver says his restaurant is struggling to maintain profitability while keeping prices reasonable for customers. A cheesesteak sandwich at Jim’s costs $13.49, up from $11.49 in 2022. Silver hopes that the summer season will see a decrease in beef costs, allowing him to keep prices stable. However, with beef remaining popular and supply tight, Silver is considering raising prices or declaring a market price for his sandwiches.
Despite potential price increases, some customers remain loyal, with one customer saying that “there’s really nothing they can do about it” when it comes to rising food costs.
Source: https://6abc.com/post/jims-south-street-owner-philadelphia-says-cost-popular-cheesesteaks-going-due-beef-prices/17271767