Omaha Steaks CEO Nate Rempe said beef prices in grocery stores have alarmed Americans recently and could reach even more stomach-churning levels next year.
in a Interview with Fox Business Channel on Friday Morning with MariaHe noted that the U.S. cattle population is at a 70-year low, while beef demand is at an all-time high.
To rebuild the herd, ranchers must keep heifers instead of sending them to meatpackers. Lempe warned there are signs this is happening, but it also means less beef supplies in the short term.
“So we’ll get to what I call $10 a pound reality in the third quarter of 2026,” he predicted. “Families will see ground beef in the grocery store for $10 a pound.”
According to the latest news consumer price index dataGround beef prices averaged $6.323 per pound in September. That’s a 14% increase since January and a 26% increase from January 2024.
If ground beef prices hit $10 per pound, prices would be up 58% from September levels.
St. Louis Fed
Anger over worsening affordability resulted in stunning losses for Republicans in this month’s end-of-year elections.
On Friday, Trump announced that he Eliminate tariffs on beef, coffee and a range of other goods. But non-tariff factors are driving beef prices soaring.
A combination of drought, high interest rates and expensive feed has led to a sharp decline in the U.S. cattle herd. At the same time, demand for protein is soaring, even in starbucks latte.
Co-controlled by Wesley Batista $15 billion meat packaging giant JBSsaid last month The United States needs to import more products from abroad to satisfy its insatiable needs.
These include supplies from Brazil and Argentina. Although Trump has eased tariffs on Argentinian beef, Lempe noted that the country accounts for only 2% of U.S. beef supplies, meaning the solution to rising prices will depend on domestic producers.
but Trump also targets meat producersaccusing them of “driving up beef prices through illegal collusion, price manipulation and price manipulation.”
“I demand swift action from the Department of Justice,” Trump said in a social media post last week. “Immediate action must be taken to protect consumers, combat illegal monopolies, and ensure these companies do not illegally profit at the expense of the American people.”
Lempe, meanwhile, vowed not to raise prices on Omaha Steak’s prime gift packages, saying the company could leverage inventory, vertical integration and technology such as artificial intelligence, automation and robotics.
He also recommends consumers buy ground beef that is 80 percent meat and 20 percent fat because it costs more per ounce from a yield perspective.
Still, when a shopper sees ground beef on the market priced at $10 a pound, he or she crosses an important psychological threshold.
“It’s going to be hard on the family,” Lemper said. “I mean, it’s going to be pretty shocking when it gets to four figures. It really feels like it’s gone up significantly.”