U.S. ground beef averaged $6.75 a pound in May, up nearly 13% year over year, BLS data show

According to CNBC, U.S. beef prices remain near record highs as the cattle herd has shrunk to its smallest size in decades after years of drought, high feed costs and herd liquidation, tightening supply and lifting cattle prices. The average price of ground beef was $6.75 per pound in May, up nearly 13% from a year ago and just below April’s record $6.90, while beef steak prices averaged $12.80 per pound, up 16% from a year earlier and the second-highest level on record, based on U.S. Bureau of Labor Statistics data. Kroger said demand for steaks remains high with a shift toward premium and organic options, and NielsenIQ data showed beef posted the largest dollar growth of any food category ahead of Independence Day, with sales up about $352 million versus last year. Omaha Steaks said sales of its USDA certified tender top sirloin filet, a recently introduced value cut, rose 25% in the weeks heading into Father’s Day this year compared with 2025, while Darden Restaurants CEO Rick Cardenas said LongHorn Steakhouse has seen more diners seeking steaks.