Beef has never been more expensive: USDA ground beef retail prices have surged to a record $6.10 per pound. Over the last 3 years, beef prices have risen by over +50%, driven by a severe cattle shortage. Ranchers have slashed herds due to high interest rates, expensive feed, and persistent drought. As of July 1st, US cattle and calves inventory stood at 94.2 million, the lowest mid-year total since records began in 1973, according to the Department of Agriculture. Additionally, cattle placements into feedlots dropped to their lowest level since 2017. Beef inflation is not going away.