Forget egg prices! There’s 1 more grocery staple that sits near record highs at $11.97 per pound
Americans continue to feel the squeeze at grocery stores — and we’re not just talking about the price of eggs.
The cost of food at home rose 0.5% in January from the previous month and 1.9% since the year before, according to the Bureau of Labor Statistics. This increase is partly attributed to skyrocketing egg prices, but there’s another food category that might be giving shoppers sticker shock: beef.
Sirloin steak prices averaged $11.97 per pound in January, just shy of November’s record high of $12.01 per pound. In addition, ground beef prices averaged $5.55 per pound, again not far from the record high of $5.67 per pound set in September.
Overall, the cost of beef and veal has gone up 5.5% since last year.
So, what’s been driving up prices?
If you’re wondering why the price of sirloin steak and ground beef is so high, the answer seems to be a shortage of beef cattle inventory.
The U.S. Department of Agriculture reported in January there were 86.7 million head of cattle and calves on U.S. farms. According to industry news publication Drovers, it’s the smallest inventory in nearly 65 years.
Low inventory levels have been attributed to drought and high supply prices, leading farmers to trim their herds.
Something else to keep an eye on: America also imports cattle from Canada and Mexico. If the Trump administration follows through on threats to levy tariffs on goods from these countries, it could affect prices even further.
Read more: Home prices in America could fly through the roof in 2025 — here’s the big reason why and how to take full advantage (with as little as $10)
If you’re having a difficult time keeping up with high grocery prices, it may be time to make some changes to the way you shop for food. Here are three ways to do so.
First, when it comes to steak, prices can vary depending on the type of cut you buy. Explore cuts that are outside your favorites. If available, you can also buy meat in bulk and slice your own steaks at home, filling your freezer with future dinner entrees. Similarly, with ground beef, prices can vary based on how lean it is and it can often be purchased in bulk as well.
