Bovine bank run: Beef prices are skyrocketing

First it was eggs, now beef prices are on the rise

Transcript

00:00Your next barbecue might cost you more, especially if burgers are on the menu.

00:04Beef prices are hitting records, up nearly 9% since January, now averaging $9.26 a pound, according to the USDA.

00:13Brown beef alone jumped nearly 12% in the past year, to $6.12 a pound.

00:19So what's causing prices to sizzle?

00:21Persistent drought, high feed costs, rising imports, and a recent pest outbreak in Mexico

00:26that cut-off cattle shipments are all squeezing supply, just as demand stays strong.

00:32Tyson Foods' CEO recently called it the most challenging beef environment they've ever seen,

00:37but said consumer demand remains resilient and healthy.

00:41While beef prices usually cool off in the fall as grilling season fades,

00:45experts say any dip this year will likely be modest,

00:48and they warn this trend isn't cooling off anytime soon.

00:52Prices could stay elevated into 2026 and beyond.

00:55That'll do it for your daily briefing from the New York Stock Exchange.

00:58I'm Caroline Woods with The Street.