Beef prices up 14.5% year over year

Fox Business reported on May 22 that beef was the biggest cost increase in Memorial Day grocery data, with ground beef up 14.5% from a year earlier and steak up 16.1%, citing Bureau of Labor Statistics figures. Quartz reported the same day that average ground beef reached a record $6.90 per pound ahead of the holiday weekend. The latest federal data point comes from April, but it landed just as retailers and consumers were preparing for one of the busiest grilling weekends of the year. ConsumerAffairs said analysts tied the jump to low cattle supply and strong demand. ### How high is beef right now at the grocery store? Bureau of Labor Statistics data showed average ground beef at $6.899 per pound in April 2026, according to the St. Louis Federal Reserve’s FRED database. Quartz rounded that figure to $6.90 and described it as a record ahead of Memorial Day weekend. Fox Business separately reported that steak prices were up 16.1% from a year earlier in the same government data. April prices also showed beef rising faster than some other cookout staples. Fox Business reported frankfurters were up 10.7% year over year, while chicken prices were down 0.7% overall. The same report said fresh vegetables rose 11.5% from a year earlier, with tomatoes up 39.7% and lettuce up 7.9%. (fred.stlouisfed.org) ### Why are beef prices rising faster than some other barbecue foods? ConsumerAffairs reported on May 22 that the U.S. cattle herd is the smallest in decades, a constraint that has tightened beef supplies heading into peak grilling season. Fox Business said cattle inventories had fallen to the lowest level in more than 70 years as ranchers dealt with drought and higher overhead costs. (foxbusiness.com) USDA’s Economic Research Service said this week that 2026 cattle prices were raised on recent price data and that prices next year are projected to reach new highs as supplies remain limited. The agency also said beef production in 2027 is forecast to decline 0.9% year over year to 25.310 billion pounds. (consumeraffairs.com) ### Is this just a holiday-weekend spike? The April 2026 ground beef reading was part of the government’s monthly average-price series, not a one-day store check. FRED said the figure was updated on May 12 and listed the next release date as June 10. That means the $6.899-per-pound level reflects the latest published monthly national average available before Memorial Day weekend. (ers.usda.gov) Holiday demand is still part of the picture. Quartz said the record shelf price added pressure for families heading into Memorial Day, while ConsumerAffairs said strong demand was combining with low supply to keep prices elevated. ### Are shoppers shifting to cheaper alternatives? Fox Business reported that hot dogs may offer only modest relief because frankfurter prices are also up by double digits from a year earlier. (fred.stlouisfed.org) Chicken was one of the few meats moving the other way, with prices down 0.7% overall and fresh whole chicken down 1.8%, according to the same report. (qz.com) Morningstar, citing BLS data, reported that burgers would cost nearly 20% more than a year ago and suggested consumers look for ways to trim barbecue spending elsewhere. ABC7 Chicago also reported on May 22 that Memorial Day cookouts would cost more this year as food inflation hit grilling staples. (foxbusiness.com) ### When will the next read on beef prices arrive? FRED lists June 10, 2026, as the next release date for the BLS ground beef average-price series. USDA’s cattle-and-beef outlook is also updated monthly, with the latest edition already pointing to limited supplies and higher cattle prices into 2027. (fred.stlouisfed.org) (morningstar.com)