Beef prices hit record highs as drought-driven herd losses and strong demand drive up costs
By
, USA TODAY
A baker's-dozen of insight crammed into one ring.
Summary
Beef prices have hit record highs, with the average retail price reaching $9.64 per pound in April — a 13% increase year-over-year. Economists attribute the surge primarily to drought-induced herd reductions over several years, combined with sustained consumer demand, rather than general inflation alone. Specific cuts like ribeye are approaching $22 per pound, causing significant consumer sticker shock.
Key quotes
· 3 pulledWith beef prices climbing to record highs, many consumers across the country, reeling from sticker shock, are wondering aloud why a ribeye steak costs nearly $22 per pound.
Economists say the reasons behind it have been building for years, driven mainly by drought‑induced herd losses and strong demand — not just general inflation.
According to USDA Economic Research Service data, the average retail price for beef set a record in April at $9.64 per pound, up about 13% from the previous year.
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