A combination of factors, including shrinking cattle herds and sky-high demand, have pushed beef prices to record highs. Omaha Steaks CEO Nate Rempe explains why prices won’t fall anytime soon and two ways shoppers can save money on beef.

Beef prices have reached record highs, with ground beef increasing by 11.5 percent and steak by over 12 percent in the past year. The surge is attributed to the lowest cattle herd sizes in 70 years combined with strong consumer demand. Imported beef makes up a significant portion of the market, but the impact of tariffs on prices remains unclear. Industry representatives report strong business but face challenges in managing costs to keep prices stable. Shoppers are advised to consider more cost-effective options, such as 80-20 or 85-15 ground beef and top sirloin cuts, to save money while purchasing beef.

Beef prices at record highs

There's just not a replacement product. You know, there's not something that can substitute for that delicious, that juicy steak, that really tender ground beef. Beef prices are at a record high. Ground beef has climbed 11.5 percent over the past year and steak is up more than 12 percent. And why is beef so expensive right now? You know, it's a lot of factors. First of all, we're at the lowest herd size in 70 years. And at the same time, demand is an all-time high. We are in for a long haul here. What you feel when you go to the grocery store today, you're going to feel this time next year and maybe even a little bit beyond. How much is the tariff on foreign imported beef playing into the overall cost of rising beef prices? It's fairly hard to say. I do know that in the ground beef industry, which makes up a substantial portion of the total beef consumed in America, eight to 20 percent of that beef is imported. So if prices are up, demand is there. How is business for you guys? Booming. I mean, America loves beef. You know, demand is it's outrageously high right now. But we're struggling, you know, with something that everyone else is, which is how do we manage our costs so that we can keep those prices in check? Shoppers who want to buy beef, but want to try to save money. What are your tips for them? Two primary tips. If you're a ground beef eater, buy 80-20 or 85-15 ground beef. After you fry that beef up and drain it, you're going to get a higher yield than if you bought the more expensive 93-7. The second is the top sirloin needs some more love. It's a great steak. It's a lower cost per pound cut. Yes, it's a little more firm, but it's bold and it's delicious.

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