U.S. beef prices have reached record highs, with ground beef retail prices climbing to $6.10 per pound, marking an all-time peak. This surge is attributed to an unprecedented shortage in cattle supply, as the U.S. cattle inventory has declined to 94.2 million, the lowest mid-year total since tracking began in 1973. Over the past three years, beef prices have increased by more than 50%, driven by factors including high interest rates and costly feed, which have led ranchers to reduce herd sizes. Since the start of 2025, beef prices have risen over 8%, reflecting ongoing supply constraints and market pressures. The rise in cattle prices continues despite inflation metrics excluding food costs, underscoring the unique challenges faced by the beef industry.