US ground beef, steak prices hit record high in May

US ground beef prices climbed to a record high in May, underscoring persistent pressure on American households from elevated food costs and tight cattle supplies.

The average price of all uncooked ground beef rose 13.1% year-on-year to $7.06 per pound ($15.56 per kilogram), according to data from the US Bureau of Labor Statistics. Prices were little changed from April, edging up 0.1%, but remained at the highest level on record.

Ground beef prices have now risen about 58% since 2020, reflecting a prolonged rise in beef costs after years of drought, high feed expenses and a shrinking US cattle herd.

The increase was not limited to ground beef. The average price of all uncooked beef steaks surged 16% from a year earlier to $12.80 per pound, marking the second-highest level on record, BLS data showed. Steak prices, however, declined 1.7% on a monthly basis.

Other beef cuts also posted sharp annual increases. Choice boneless chuck roast prices rose 22% year-on-year to $9.61 per pound, while all uncooked beef roasts climbed 17% to $9.29 per pound.

The rise in beef prices came even as the broader meats, poultry, fish and eggs index fell 0.2% in May from the previous month. On an annual basis, that index was up 1.8%, while food-at-home prices rose 2.7% over the same period, according to the BLS.

The broader US consumer price index rose 4.2% in the 12 months through May, accelerating from 3.8% in April, while food prices increased 3.1% annually.

Tight beef supply remains a key driver behind the price pressure. The US Department of Agriculture’s Economic Research Service lowered its 2026 beef production forecast by 243 million pounds to 25.55 billion pounds, citing a slower expected cattle slaughter pace. It also projected beef production to decline further in 2027 as supplies remain limited.

US cattle inventories have also remained historically low. The American Farm Bureau Federation, citing USDA data, said the number of cattle and calves in the US stood at 86.2 million head as of Jan. 1, the lowest level in 75 years.

The supply squeeze has been shaped by years of drought in major cattle-producing regions, higher input costs and slow herd rebuilding. Analysts say that rebuilding cattle herds can take several years because producers must retain more females for breeding before slaughter supplies can recover.

The sustained rise in beef prices has increased cost pressures for both households and restaurants, particularly burger chains, steakhouses and barbecue restaurants, where beef is a core input.