Beef prices continue to climb as egg prices fall. Since January, the average price per pound has jumped 9% to $9.26. Over the past year, steak prices are up 12.4%.<\/p>\n
Breakfast is starting to become affordable once again as egg prices have finally seen price drops<\/a>, but if you\u2019re thinking of firing up the grill, you might want to check your savings account first.<\/p>\n Beef prices are hitting new record highs<\/a>. The Department of Agriculture shows that since January, the average price per pound has jumped 9% to $9.26. Over the past year, steak prices are up 12.4%.<\/p>\n Hamburger\u2019s not much better off. The price of ground beef is up 10.3% in the past year.<\/p>\n Demand has remained high while herds have been shrinking\u2014hitting their lowest levels in 74 years. Feed prices are higher and Imported beef is costing more as well.<\/p>\n Egg prices spiked due to avian flu concerns, which resulted in the slaughter of millions of chickens and a subsequent shortage of domestically produced eggs. Chicken populations eventually started to recover<\/a> from the slaughter, though, which increased the supply, bringing costs back down.<\/p>\n It won\u2019t be that easy with beef.<\/p>\n While herd sizes can grow, it takes longer for a cow to mature\u2014and the rising price of feed isn\u2019t expected to decline anytime soon, meaning it costs a fair bit more to raise the cattle. Imports, meanwhile, are likely to be subject to tariffs<\/a> moving forward, and those make up about 8% of U.S. beef consumption.<\/p>\n The best chance for a price drop is the scenario everyone wants to avoid. If household incomes drop to the point that beef becomes a luxury, prices will decline, but that will also hurt farmers, whose incomes are already perilous.<\/p>\n