��Beef has become as expensive as gold.�� Across the U.S., beef prices have hit all-time highs, with middle-class families now saying, ��It��s scary to even grill a steak.�� According to the U.S. Department of Labor, as of June, the average price of ground beef reached $6.12 per pound, up over 9% from January. Steak prices jumped to $11.49 per pound, an increase of more than 8% from last year, while the Consumer Price Index (CPI) for beef rose 10-12%. Industry experts are calling it ��the most severe food inflation since the egg crisis.��

The primary cause of the price surge is a supply shock. Severe droughts in the western U.S. since 2019 have devastated grazing lands, crippling ranch operations. Many ranchers, unable to bear soaring feed costs, have resorted to early slaughter. The U.S. Department of Agriculture reports the national cattle herd at 27.9 million head this year, the lowest since 1951 and a 13% drop from 2019. Import disruptions are exacerbating the shortage.

The U.S. recently banned live cattle imports from Mexico due to the spread of the ��New World screwworm,�� a parasitic fly, which accounts for about 4% of the U.S. beef supply. To make matters worse, starting August 1, a 50% tariff will be imposed on Brazilian beef imports. Brazil is one of the top suppliers of beef to the U.S., and experts warn this could be ��the final blow to the American dinner table.�� In the first half of this year alone, the U.S. imported 165,000 tons of Brazilian beef. Some franchise burger chains have already notified consumers of price hikes to offset rising costs.

Despite the price surge, demand remains strong. Michael Swanson, chief agricultural economist at Wells Fargo, said, ��Unlike eggs, beef is central to American food culture. A summer without barbecue, burgers, or steaks is unthinkable. This demand won��t easily wane.��

Glynn Tonsor, an agricultural economist at Kansas State University, added, ��No matter how high prices climb, Americans will still seek out meat. Price declines are unlikely.�� Retailers and restaurants are scrambling to secure alternative proteins. Walmart is expanding its beef processing facilities to control costs, while some supermarkets are prominently featuring pork, chicken, and plant-based meat alternatives.

The skyrocketing beef prices are hitting Korean-American communities hard. Kim, a Torrance resident, said, ��We used to make Korean bulgogi or galbi often, but now grocery shopping is daunting. Our monthly food budget has spiked, so we��re switching to pork shoulder or chicken.�� Choi, a Korean restaurant owner, shared, ��In the past, we absorbed beef price hikes by cutting margins, but with other ingredient costs rising, we have no choice but to raise menu prices. Our main dishes are galbi-jjim and beef tail stew, but customers are avoiding expensive cuts, and it��s really frustrating.��

Experts and media predict the beef price crisis won��t subside easily. CNN noted, ��Unlike the egg crisis, the beef market is opaque and complex,�� expressing concern over the ongoing situation.

By Hong-yong Park