Sizzling your wallet: Price of ground beef reaches record high

INDIANAPOLIS — If you often buy ground beef at the grocery store, you might have beef with how high the prices have climbed lately. The cost will likely not decrease anytime soon.

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The average price of ground beef across the United States reached a record high of $6.12 per pound in June, according to the Bureau of Labor Statistics. In comparison, the average cost was slightly more than $5 per pound in January 2024.

Indiana Business Research Director Carol Rogers said the surging cost of ground beef has a cause with no easy fix.

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"There are fewer ranches, and severe droughts back in 2021 and 2022 killed off a lot of cattle," Rogers said. "The concern is going to be, 'Do we have enough capacity to raise our own beef?"

She believes the cost will keep climbing while ranchers try to solve the cattle crisis.

"Beef prices are probably going to continue being high until early 2026," Rogers said. "If you have three kids, I don't think you're going to give them an eight-dollar-per-pound hamburger."

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WRTV researched 80/20 ground beef prices at four neighboring markets in Southport: Meijer, Aldi, Target, and Kroger.

Aldi offered the lowest cost at $4.29 per pound, but only offered two-pound portions of ground beef.

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Meijer's ground beef came in below the national average at $5.79 per pound.

Kroger and Target both eclipsed the $6 barrier. Kroger priced its ground beef at $6.33 per pound, while Target had the most expensive beef at $6.69 per pound.

Rogers said customers may soon reach a point where they leave the ground beef in the cooler.

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"Higher prices will definitely make households decide to go to pork or fish or poultry," Rogers said.