Ground beef prices have jumped 10.3% since June 2024, topping $6 per pound, according to The Cool Down. Steak prices are up 12.4% over the same period. Drought, high feed costs, and historically low herd sizes are straining supply, while extreme weather continues to disrupt recovery. Food economist David Ortega told Time magazine that prices could stay high for up to four years. Tariffs may add pressure, with Trump threatening a 50% tariff on Brazilian beef imports, a key ingredient in U.S. ground beef blends. A 2025 study also linked food price spikes worldwide to climate-driven weather events such as droughts and heatwaves.
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