(Dec 18): Beef prices show no sign of cooling, even as the Trump administration tries to rein in costs by boosting imports and support for domestic ranchers.
The average price for ground beef was US$6.781 a pound in November, up 2.1% from September and 15% from a year earlier, the US Bureau of Labor Statistics said on Thursday. Steak prices rose to US$12.285 a pound, a modest increase from September.
Prices keep setting records amid a historically small US cattle herd, while demand remains especially strong for ground products, which are still among the cheapest options in the meat case.
The jump in beef costs came even as the overall consumer price index (CPI) unexpectedly eased, gaining 2.7% in November from a year earlier. That compares with a 3% annual advance two months prior. October CPI figures weren’t released because of the government shutdown.
Runaway beef prices have been a target of the Trump administration, which in November called for a price-fixing investigation into meatpackers and removed tariffs on Brazilian shipments. In October, the US Department of Agriculture (USDA) rolled out a programme to support American ranchers, including expanded grazing access.
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Beef imports are projected to jump 15% this year, and the USDA this month raised its 2026 forecast for foreign shipments after the Trump administration lifted its levies.
Darden Restaurants Inc chief financial officer Raj Vennam said on Thursday’s earnings call that “near-record beef costs have sustained longer than we anticipated” and are likely to stay elevated into the next quarter, with some relief expected afterward.
Vennam said higher commodity costs, led by beef, were a “significant headwind” for the company, whose restaurants include LongHorn Steakhouse and Yard House.
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