Ground Beef Prices Reach Record High

Ground beef prices have reached a record high, with the average price across the United States reaching $6.12 per pound in June, according to the Bureau of Labor Statistics. This marks a significant increase from January 2024, when the average cost was slightly more than $5 per pound.

Indiana Business Research Director Carol Rogers attributes the surge in ground beef prices to the shortage of ranches and severe droughts that killed off cattle in 2021 and 2022.

"There are fewer ranches, and severe droughts back in 2021 and 2022 killed off a lot of cattle," Rogers said. "The concern is going to be, 'Do we have enough capacity to raise our own beef?'"

Rogers believes that the cost of ground beef will continue to climb until early 2026 as ranchers work to address the cattle crisis.

"Beef prices are probably going to continue being high until early 2026," Rogers said. "If you have three kids, I don't think you're going to give them an eight-dollar-per-pound hamburger."

A survey of ground beef prices at four neighboring markets in Southport found that Aldi offered the lowest cost at $4.29 per pound, but only sold two-pound portions. Meijer's ground beef came in below the national average at $5.79 per pound, while Kroger and Target both eclipsed the $6 barrier.

Rogers predicts that households may soon reach a point where they choose to leave the ground beef in the cooler, opting for alternative proteins like pork or fish instead.

"Higher prices will definitely make households decide to go to pork or fish or poultry," Rogers said.