Part 3/7:
Rising Grocery Prices Hit Red Meat Consumers
For beef lovers, the economic outlook appears challenging. Grocery prices for red meat have surged nearly 14% since last year, with steaks now averaging over $12 a pound. The spike is primarily attributed to a significant reduction in cattle herds—a 75-year low—coupled with persistent domestic demand.
Despite the high prices, consumer consumption of red meat remains robust, with experts projecting that Americans may consume up to 60 pounds of beef per person this year. This high consumption rate highlights the cultural and dietary importance of beef in American cuisine, even amid price increases.