CINCINNATI — While the latest inflation numbers show overall price increases slowing down, that's not the case in the beef aisle this summer.
Beef prices continue to climb, reaching record highs and putting pressure on consumers' wallets.
The government reports prices have increased 11% over the past year, far above the 2.7% inflation rate, with ground beef now averaging a record $6.99 a pound.
Watch shoppers and a market owner talk about the impact of record-high beef prices:
We spoke with Regina Gertsen, who was shopping at Luken Meats inside Cincinnati's Findlay Market, about how she's had to adjust her buying habits.
"I had to cut back some because the meat is very high now," Gertsen said.
Bruce Quillen, hoping to cook some steaks on the grill, describes beef prices as "absolutely ridiculous."
Reasons for price hikes
So why does beef continue to rise?
While some grocery items like eggs have seen price decreases this year, beef prices continue their upward trend.
New foreign tariffs have nothing to do with it because, unlike a lot of seafood, it is sourced in the U.S.
The Farm Bureau attributes the price increases to cattle inventory being at its lowest level in 60 years, primarily due to drought conditions and high feed prices.
"They say there was a shortage of cows, so there is still high demand and short supply, so the prices are still high," market owner Neil Luken said.
Luken, owner of Neil Luken Meats, offers some hope for consumers, suggesting that pricey strip steaks and ribeyes should come down in price once grilling season ends this fall and people turn to winter roasts instead.
"Once we get in the holidays, the rib roast and tenderloins and that stuff will go up again," Luken said.
Despite the high prices, Luken points out that home-cooked steak still offers better value than dining out.
"Everything is expensive now," Luken said. "You go out for a fast food meal, it's $8 or $9, you might as well buy a steak for $10 or $11."
Experts expect prices will eventually level off as market forces respond to consumer purchasing behavior and as many families cover up their grills for the winter.
That may be the best time to grab a tasty ribeye, that way you don't waste your money.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
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