If you are planning a summer cookout, you may want to budget a little more this year.
Beef prices have increased significantly, with costs up about 16 percent compared to last year. Ground beef is now averaging around $6.70 per pound, while steaks are nearing $13 per pound.
According to the United States Department of Agriculture, prices are expected to rise even more before the end of the year.
The main reason comes down to supply and demand. The U.S. cattle herd is smaller than it has been in years, which means there is less beef available.
At the same time, demand remains high. Americans are still buying beef at steady rates, which keeps prices climbing.
Fuel costs are also playing a role. Higher transportation and production costs make it more expensive to raise cattle and deliver products to stores.
Experts warn that these high prices could continue into 2027.
So if burgers and steaks are on your summer menu, you may want to plan ahead or look for alternatives.