(NewsNation) — The rising cost of beef has many Americans feeling the burn in their wallets as they head to cookouts this summer.
According to the Bureau of Labor Statistics, the average cost of a pound of ground beef hit $6.10 in June, a roughly 12% jump from a year ago.
Beef prices have increased steadily in recent years as the cattle industry struggles to navigate a widening range of challenges. Plagued by droughts, rising operation costs, tariffs and disease, cattle herds have been shrinking. Meanwhile, the Associated Press has reported that the demand for beef products has continued to grow.
According to the Department of Agriculture, as of Jan. 1, there were 86.7 million head of cattle and calves on U.S. farms, down 8% from the most recent peak in 2019. That’s the lowest number since 1951, according to the department.
To combat supply chain disruptions, some major retailers are working directly with cattle ranchers to get beef products into their stores. In June, Walmart opened its first case-ready beef facility in Olathe, Kansas.
The Associated Press contributed to this report.
