NEED TO KNOW
First breakfast and now the grill — experts explain why consumers are seeing higher prices down the grocery aisle.
During a Tuesday, July 22 segment of the Today show, NBC News correspondent Christine Romans explained why the price of grilling season
According to the Bureau of Labor Statistics, ground beef is currently priced at $6.12 per pound, representing an 11.84% increase from 2024, and steak is $11.49 per pound, representing an 8.05% increase from last year.
“It’s a noticeable jump. Ground beef is above $6 per pound for the first time in history,” said Romans, also adding that the American Farm Bureau Federation reported that there is “strong demand” for beef ahead of other animal proteins, like pork, poultry and seafood.
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“The government anticipates the price of beef and veal to see an increase of about 7% in 2025,” Romans reported. She also concludes that a few factors, including fewer family farms, a shrinking number of cattle herds and droughts in the Midwest leading to cattle having fewer areas to graze upon, can begin to explain the reasoning behind the sudden price spike.
The rise in border fees also creates a roadblock for international farmers, along with a ban on imports from Mexican beef due to an infectious screwworm that’s infecting its livestock, according to AP News.
Earlier this year, it was the price of eggs that were a grocery list item that had consumers hesitating to pick up; however, Romans announced those prices are decreasing.
Back in March, a carton of 12 eggs was roughly $6.23, a huge increase from its previous year of $2.72. Today, eggs are about $3.78.
“Beef is way more complicated than eggs,” Michael Swanson, chief agriculture economist at Wells Fargo, told News 10. “The cattle industry is still the ‘Wild West’ of the protein market, whereas the egg market is more ‘Corporate America’ with its supply and demand management.”
Roman suggested picking up pork since those prices have plateaued, as reported by the USDA, buying in bulk while preferred cuts are on sale and storing it in a freezer.
