U.S. Ground Beef Prices Hit Record High of $6.90 Per Pound

The average price of ground beef in the United States has climbed to a record $6.90 per pound, according to new data from the Bureau of Labor Statistics (BLS), Brian Sozzi reported for Yahoo Finance.

Ground beef prices in the United States have surged to record levels amid persistent food inflation.

On a non-seasonally adjusted basis, ground beef prices surpassed $7 per pound for the first time on record.

Prices have surged 77% since January 2020, when ground beef averaged $3.89 per pound. Meanwhile, the average price of uncooked beef steaks reached a record $13.02 per pound, up 70% from January 2020.

Rising beef prices could pressure profit margins for fast-food chains such as McDonald’s, Wendy’s, and Burger King, as well as steak-focused restaurant operators like Darden Restaurants, which owns Ruth’s Chris Steak House and The Capital Grille.