U.S. retail ground beef prices averaged $6.89 per pound in July 2026, just below the April record of $6.90, according to Bureau of Labor Statistics data, with May readings reaching $7.06 amid a 10% year-over-year increase. The primary driver remains structural supply tightness from the U.S. cattle herd contracting to its smallest level in 75 years after prolonged drought and herd liquidation, limiting domestic production of lean trimmings essential for ground beef. This has pushed live cattle and feeder prices to records near $250–$265 per hundredweight. Recent policy action includes the Trump administration’s August 2026 tariff reduction on roughly 661 million pounds of imported lean beef trimmings through November, projected to expand supply by about 10% and ease import costs. Broader beef and veal CPI rose 9.4% over the trailing 12 months through July, outpacing general inflation, while forecasts from Texas A&M and USDA point to persistently elevated prices through year-end with limited seasonal relief and potential further pressure from localized screwworm concerns.