Hidden forces behind soaring beef prices

Ground beef just hit a record $6.89 a pound, up 80% since 2019, and nobody along the supply chain sees relief coming.

Ranchers like Eric Gropper point to years of drought that have shrunk cattle herds to their lowest level in decades.

Meatpackers have been hammered by labor shortages and plant closures, and restaurants have had no choice but to keep raising prices.

Since the late 1970s, four companies — Tyson, JBS, Cargill, and National Beef — have come to control roughly 80% of the American beef market. The Justice Department is now investigating, and McDonald's and Target are among those suing over alleged price-fixing. How much has consolidation driven up prices? Would breaking up these companies actually lead to lower beef prices?

United States

ground beef, beef prices, cattle herds, drought, meatpackers, labor shortages, plant closures, consolidation, price fixing, justice department