High Steaks: Beef prices hit record highs as tariff pause begins
"You have to cut back."
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Where’s the beef? Maybe not on the grill this Labor Day weekend.
Prices are at record highs as the federal government begins pausing tariffs on foreign beef Sept. 1.
“Absolutely, I've noticed," said shopper Connie, of Edison. "They are sky high. I would pay maybe $5 for four hamburgers. Now you're paying $7 for two hamburgers."
“I buy kosher meat, and it's very expensive," said shopper Fern, of Woodbridge. "Ten dollars a pound, maybe for chopped meat."
Bureau of Labor Statistics data shows beef prices are at a record high - $6.89 for a pound of ground beef and $13.06 for steak. Both figures are 10% higher than they were last year, and experts say there are plenty of reasons.
“Our overall debt, to just the wars, the tariffs, the impact on the workforce," said Gerson Gibbs, senior managing partner at Belite Capital. "I think it’s having a direct impact on everything, especially beef.”
Starting this week, the Trump administration is pausing tariffs on international beef for 90 days.
“Anticipated outcome is that it will lower prices," said Gibbs. "I think that they're just taking an approach to see how they can combat against the increase in pricing.”
There are other factors. Farmers say there is a cattle shortage - brought on by drought and harsh winters - and rising costs to raise and process these animals. This creates a supply and demand imbalance on top of other economic stressors like inflation and tariffs.
Experts urge shoppers to bargain hunt before Labor Day weekend.
"A lot of these organizations are are aware of what's occurring, and they do want to keep you as loyal customers," said Gibbs. "So, there are some specials that are out there. Just pay attention to them."
“Maybe last year we were having a steak - this year, hamburgers," said shopper Connie. "You have to cut back.”
