Beef prices are at record highs, and could stay that way into 2026 and beyond.
By the numbers: Ground beef averaged $6.12 a pound in June, up nearly 12% from a year ago, according to new federal data released Tuesday.
Steak prices jumped 8% year-over-year, per the latest Consumer Price Index (CPI) from the U.S. Bureau of Labor Statistics.
Zoom in: We visited Walmart, Cleveland's most popular grocery store, where prices for ground beef ranged from $4.94 per pound to nearly $9.50, depending on how lean you want it.
Regular prices at Giant Eagle started at $5.99 per pound, but a sale pushed yesterday's lowest price to $3.99.
What they're saying: These prices "are just the tip of the iceberg," Patrick Montgomery, CEO and cofounder of Missouri-based KC Cattle Company, told Axios.