Beef is one of the most popular meats in the American diet. With diverse cuts like ground beef, roasts, brisket and steaks, it offers great versatility in the kitchen. However, beef prices fluctuate frequently, which can make it hard to budget for recipes or know you’re getting the best deal at the grocery store. In this comprehensive guide, I’ll break down the latest prices per pound on various cuts of beef and offer tips on saving money.
Current Retail Prices for Beef
Retail beef prices reached record highs in 2024, topping $5.35 per pound on average for ground beef according to the USDA. This represents an increase of 6.57% compared to 2023. Here is a detailed look at current costs for common retail cuts:
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Ground Beef – Ranges from $299 to $399 per pound for 80/20, 85/15 and 90/10 meat. 90/10 is the most expensive due to lower fat content.
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Steaks – Prices range from $8.99 per pound for Top Sirloin up to $19.99 for Tenderloin. Prime-graded steaks cost $2 to $5 more per pound than Choice.
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Roasts – Chuck Roast and Brisket average $599 per pound Rump roasts are $4,19 per pound for better value,
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Brisket – When purchased whole, Choice Brisket costs $2.99 per pound.
Based on USDA data, ground beef now averages $5.59 per pound nationally. Even more budget-friendly cuts like Chuck Roast exceed $5 per pound. Overall, expect to pay between $3 and $9 per pound for most raw retail cuts.
Price Trends in 2023-2024
Retail beef prices steadily increased over 2023 and 2024:
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The 2024 annual average hit $5.35 per pound, up 11.22% from 2022.
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Monthly averages have set new record highs throughout 2024 so far.
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September 2024 had the highest recorded monthly average at $5.67 per pound before slightly decreasing to $5.59 in October.
Several factors are contributing to the elevated prices:
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Strong consumer demand for beef amid high protein diets.
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Ongoing supply chain disruptions impacting all food costs.
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Drought conditions requiring ranchers to downsize herds.
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Higher fuel, labor and animal feed costs for cattle farmers.
Prices are expected to remain high in late 2023 and into 2024 until supply and demand rebalance.
Saving Money on Beef
Here are 5 tips to get quality beef on a budget:
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Purchase whole briskets or roasts – Saves $3 to $5 per pound compared to steaks.
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Buy Choice grade roasts – Nearly equal quality as Prime cuts for $2 to $3 less per pound.
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Grind your own beef – Around $1 cheaper per pound than pre-ground beef.
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Look for manager specials – Stores discount meat nearing its sell-by date.
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Watch for sales cycles – Prices drop before holidays when demand decreases.
You can also save by substituting poultry or pork on weeks when beef is very expensive.
Price Differences by Beef Grade
The USDA assigns quality grades to beef based on marbling and tenderness:
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Prime (3% of beef) – Excellent marbling, very tender and flavorful. $2 to $5 more per pound than Choice.
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Choice (50% of beef) – Ideal balance of tenderness and flavor due to good marbling.
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Select (35% of beef) – Uniform but less juicy and tender due to less marbling. Lower cost than Choice or Prime.
I suggest splurging on Prime steaks for an anniversary or birthday dinner. For everyday cooking, Choice offers excellent quality at a lower price point. Select grade is fine for stew meat or ground beef recipes.
Regional Price Differences
National average beef prices give a benchmark, but costs can vary across different areas of the U.S. Here are pricing differences by region:
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Northeast – Ground beef averages $5.57 per pound, 9% above national average.
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Midwest – $5.63 per pound for ground beef, in line with U.S. average.
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South – Slightly lower at $5.47 per pound for ground beef.
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West – The lowest prices at $5.41 per pound for ground beef.
There are also differences within states based on rural versus urban locations. Prices in major metros like NYC or LA tend to run 15% or more above small towns.
Ideal Prices for Common Beef Cuts
While prices are elevated right now, the following 3-year averages provide a benchmark for good deals on popular cuts:
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Ground Beef – Look for $3.50 to $4 per pound
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Sirloin Steak – Great buy at $7 per pound or less
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Ribeye Steak – Worth buying at $10 per pound or under
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Roasts – Ideally under $5 per pound
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Brisket – Look for $3.50 or less per pound
Buying in bulk on sale and freezing extra portions can help scored discounted beef.
Outlook for 2023 Beef Prices
Experts predict retail beef prices will begin moderating in late 2023 or early 2024 as supply improves. However, impacts from drought and inflation may prevent a return to pre-pandemic price levels. The new normal may be 10% to 15% above costs in 2019.
Consumers can offset higher prices by applying the money-saving tips in this guide. Know your budget, track local sales cycles and purchase economical whole cuts to maximize value. With smart shopping, you can still enjoy delicious beef recipes.
Strong consumer demand
Signs indicate that demand for beef isn’t flagging, and it’ll likely pick up as warm weather invites more people to fire up a grill.
Demand typically peaks in the summer, contributing to higher prices through July, especially around the Fourth of July holiday, says Bernt Nelson, an economist with the American Farm Bureau Association. “The real question will be, are we seeing some exhaustion? Will these consumers start to change over to cheaper substitutes? There’s a lot of unknowns surrounding that.”
The situation with consumer demand could change quickly if consumers’ feelings about the economy continue to deteriorate and if signs of a recession worsen. If demand drops considerably, that’ll likely lead to lower prices. While that could be good for consumers who still want to buy beef, it’s not the kind of thing that’ll help the supply-side of the equation.
When will beef prices go down?
Generally, beef prices could go down when the supply increases or demand decreases — or both. But demand remains strong and a variety of factors making life difficult for farmers have so far prevented them from taking steps to expand the U.S. beef inventory.
- Inflation drove up input costs, which haven’t receded, making it expensive all around to care for livestock.
- Drought conditions continue to impact pastures in cattle regions, which can force producers to spend more on feed.
- Record-high prices can be good for farmers selling cattle. But anyone looking to expand their herd is paying those same sums.
- High interest rates mean producers are paying more for operating loans, which many rely on to run their businesses.
All of that means it’s more expensive now to maintain a farm, let alone start or expand one — two avenues that would help increase the supply of beef and bring down prices at the store. With tariffs in place, the situation just got more complicated.
Beef prices seem poised to continue climbing, driven by a few factors.
WHOLE COW BEEF BREAKDOWN | Cost? Cuts of meat? How much meat? #beef #homesteading #localfood
FAQ
How much is 1 lb of steak?
How much does 1lb of beef feed?
| Boneless Meat | Number of People | Bone in meat |
|---|---|---|
| 1lb / 0.45kg | 2 – 3 | |
| 2lb / 0.91kg | 4 – 5 | 3lb / 1.36kg |
| 3lb / 1.36kg | 6 – 7 | 4lb / 1.82kg |
| 4lb / 1.82kg | 8 – 9 | 6lb / 2.73kg |
What is a good price for 1/2 cow?
- Hanging Weight: This is the weight of the cow before it’s processed, and it directly impacts the overall cost.
- Type of Cow: Pasture-raised beef tends to be more expensive than conventionally raised beef.
- Butchering and Processing Fees: These can add another $375-$500 to the total cost.
- Delivery Fees: If the beef is delivered, this will add to the overall price.
- Special Requests: If you have specific requests for how the beef is cut or wrapped, this may also affect the price.
How much meat will I get from a 1200 lb cow?
- Hot Carcass Weight: Around 750 lbs.
- Carcass Weight After Cooling: Around 730 lbs.
- Trimmed and De-boned Meat: Approximately 500 lbs.
- Lean Meat: Around 490 lbs.
- Fat Trim: Around 150 lbs.
- Bone: Around 110 lbs.
How much does a pound of beef cost?
The cost of a pound of beef can vary depending on the cut of meat and where you live in the United States. On average, you can expect to pay between $5 and $10 per pound for ground beef, and between $7 and $20 per pound for steaks. How much is 1 pound of steak?
How much does a pound of steak cost?
Rib steak, for example, can cost as low as 8 dollars a pound while tenderloin steak can cost upward of 27 dollars a pound, year-in-year-out. See updated April 2024 prices for US Beef per kilogram (Kg) and per pound (lb).
How much does a pound of cattle cost per pound?
For instance, recent USDA data indicates that live cattle prices were steady at around $1.87 to $1.88 per pound. This stability in live cattle prices suggests a balanced market, though retail prices can still vary due to other influencing factors such as feed costs and supply chain disruptions.
How much do finished cuts of beef cost?
Expect to pay an average price of $8.01 for finished cuts of beef. The beef you eat is actually processed and packaged as “finished cuts.” You can use this number to compare prices to items you might purchase at a grocery store.
How much is a pound of hanging beef worth?
So with a $300/cwt hanging weight, the actual value per pound of salable beef ends up around $0.71/lb once waste is removed. As we determined above, the retail value of Choice-grade hanging beef is currently around $0.70-0.75/lb. For Select, prices drop down to the $0.60-0.70/lb retail range. Here’s how common retail beef cuts typically compare:
How much does a quarter of beef cost?
Basic processing costs about .71 cents per pound, with things like tenderizing or pre-formed patties costing a little more. The hanging weight of a quarter of a beef will be about 225 pounds and cost you $670.50. The average cost to process 1/4 beef is $200. The total estimated cost for a quarter of beef would then come to $870.50.