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U.S. Beef Prices Are Set to Rise Further as Ranchers’ Costs Soar

Americans’ willingness to pay for a steak will be tested in the near future

Rib-eye beef steak on a packaging line.

Rib-eye beef steak on a packaging line.

Photographer: Aidan Crawley/Bloomberg

Updated on

How much Americans will pay for a steak is going to be tested in the near future.  

So far, U.S. consumers have continued to devour ribeyes and burgers even amid rising prices. In fact, the willingness to pay up for meat during the pandemic has been “phenomenal,”  analysts at Rabobank said in a report. Still, the current price tags don’t reflect the full brunt of higher production costs from feed to fuel. It remains to be seen whether consumers will continue to buy beef with the same gusto as it gets even more expensive. 

American shoppers may start “substituting to other proteins or reducing their overall consumption,” the report said.