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Chart: The Surging Price of Beef in America
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Key Takeaways
- Since August 2024, beef prices have soared 13% for American consumers.
- Steak prices are up 16% annually due to low cattle inventory and strong demand.
- American beef production is set to fall 4% in 2025 and a further 2% in 2026.
Today, the price of beef is at a record high in America as cattle inventory hits its lowest point in nearly 75 years.
Since July 2020, ground beef prices have spiked 48% while steak is up 41%. For perspective, consumers are spending about 25% more for food at home compared to five years ago.
This graphic shows the rapid increase in U.S. beef prices, based on data from the Bureau of Labor Statistics via the Federal Reserve.
The Price of Beef Climbs Higher
In the table below, we show the percentage gain in steak and ground beef versus food inflation between July 2020 and August 2025:
| Date | Steak Price Index% Gain | Ground Beef Price Index% Gain | Food at Home Price Index% Gain |
|---|---|---|---|
| 2025-08-01 | 40.5 | 48.2 | 24.8 |
| 2025-07-01 | 36.5 | 46.7 | 24.1 |
| 2025-06-01 | 32.1 | 43.5 | 24.2 |
| 2025-05-01 | 26.8 | 40.3 | 23.9 |
| 2025-04-01 | 27.8 | 36.0 | 23.5 |
| 2025-03-01 | 26.2 | 35.8 | 24.1 |
| 2025-02-01 | 24.9 | 31.9 | 23.5 |
| 2025-01-01 | 25.4 | 30.0 | 23.5 |
| 2024-12-01 | 22.2 | 31.4 | 22.9 |
| 2024-11-01 | 22.7 | 32.0 | 22.6 |
| 2024-10-01 | 21.5 | 31.1 | 22.1 |
| 2024-09-01 | 25.1 | 33.0 | 21.9 |
| 2024-08-01 | 25.0 | 30.8 | 21.5 |
| 2024-07-01 | 24.8 | 28.9 | 21.4 |
| 2024-06-01 | 22.3 | 28.3 | 21.3 |
| 2024-05-01 | 23.4 | 20.7 | 21.1 |
| 2024-04-01 | 23.5 | 22.8 | 21.1 |
| 2024-03-01 | 21.8 | 20.4 | 21.2 |
| 2024-02-01 | 21.1 | 20.4 | 21.3 |
| 2024-01-01 | 22.9 | 18.0 | 21.2 |
| 2023-12-01 | 22.4 | 22.2 | 20.8 |
| 2023-11-01 | 20.5 | 25.5 | 20.7 |
| 2023-10-01 | 24.6 | 22.6 | 20.8 |
| 2023-09-01 | 23.8 | 19.8 | 20.4 |
| 2023-08-01 | 23.6 | 19.0 | 20.4 |
| 2023-07-01 | 22.2 | 19.7 | 20.1 |
| 2023-06-01 | 19.1 | 17.9 | 19.9 |
| 2023-05-01 | 17.5 | 16.3 | 19.9 |
| 2023-04-01 | 14.5 | 12.3 | 19.8 |
| 2023-03-01 | 12.8 | 12.9 | 19.8 |
| 2023-02-01 | 11.3 | 12.1 | 20.1 |
| 2023-01-01 | 10.2 | 12.4 | 19.8 |
| 2022-12-01 | 8.8 | 12.6 | 19.3 |
| 2022-11-01 | 9.7 | 13.8 | 18.8 |
| 2022-10-01 | 11.7 | 13.4 | 18.2 |
| 2022-09-01 | 10.3 | 14.0 | 17.6 |
| 2022-08-01 | 9.6 | 15.8 | 17.0 |
| 2022-07-01 | 11.6 | 14.8 | 16.0 |
| 2022-06-01 | 13.0 | 14.7 | 14.5 |
| 2022-05-01 | 11.4 | 12.4 | 13.3 |
| 2022-04-01 | 11.5 | 15.3 | 11.8 |
| 2022-03-01 | 12.5 | 11.6 | 10.5 |
| 2022-02-01 | 12.1 | 8.6 | 9.1 |
| 2022-01-01 | 13.0 | 6.8 | 7.6 |
| 2021-12-01 | 14.2 | 8.0 | 6.7 |
| 2021-11-01 | 17.6 | 10.6 | 6.1 |
| 2021-10-01 | 17.4 | 10.7 | 5.2 |
| 2021-09-01 | 14.0 | 5.6 | 4.1 |
| 2021-08-01 | 11.0 | 4.8 | 3.0 |
| 2021-07-01 | 11.2 | 2.9 | 2.5 |
| 2021-06-01 | 12.1 | 2.2 | 2.0 |
| 2021-05-01 | 4.9 | -3.8 | 1.2 |
| 2021-04-01 | -0.5 | -3.9 | 0.9 |
| 2021-03-01 | -3.6 | -5.2 | 0.4 |
| 2021-02-01 | -4.8 | -6.5 | 0.4 |
| 2021-01-01 | -5.2 | -7.0 | 0.2 |
| 2020-12-01 | -7.0 | -7.3 | 0.2 |
| 2020-11-01 | -7.1 | -5.6 | -0.3 |
| 2020-10-01 | -6.3 | -6.0 | -0.1 |
| 2020-09-01 | -6.5 | -4.4 | -0.3 |
| 2020-08-01 | -5.6 | -2.0 | 0.1 |
| 2020-07-01 | 0.0 | 0.0 | 0.0 |
Over the past year, ground beef prices have increased roughly 13%, while steak prices have risen even higher, by 16%.
Making matters worse, U.S. beef production is forecast to decline 4% this year given the supply crunch. As cattle ranchers have shrunk their herds by more than 15% in the last two decades, cattle inventory sits at just over 94 million animals as of July.
Unlike grain farmers, who are set to lose money this year given tariffs on top of ample supply, cattle ranchers are set to rake in profits. By some industry estimates, profits per animal can exceed $700 today, skyrocketing from $2 in 2020.
Learn More on the Voronoi App
To learn more about this topic, check out this graphic on the cities with the most expensive grocery prices in America.