Ground beef prices are skyrocketing, causing sticker shock at butcher shops and grocery stores. For nearly 80 years, Ready Meats in Minneapolis has offered high-quality cuts at competitive prices, but the business model is becoming increasingly tough.
The main reason for the price jump? Cattle supplies are dwindling, while demand remains high. With fewer cattle in the US (around 28 million, down from a peak of 47.5 million in 1975), farmers face challenges to make money on livestock. Drought conditions and low grass growth since 2021 have led to fewer calves being born.
The combination of lower supply and higher demand is driving up prices. The cost of feed and tariffs on beef imports are also contributing factors. As a result, butchers like Ryan Nalezny are having to keep a close eye on their prices, trying not to raise them every week.
Experts predict that the price of beef will remain high for several years, with projections suggesting it could shoot even higher in 2026. With Americans expected to eat more beef this year at record prices, butchers and consumers are feeling the pinch.
Source: https://www.cbsnews.com/minnesota/news/ground-beef-high-prices-explainer