Beef prices in the United States have reached record levels, with ground beef hitting an average of $6.70 per pound in March 2026, a 16% increase compared to the previous year. Steak prices have surged as well, averaging $12.73 per pound. This price spike marks a significant shift in the domestic beef market, which is facing the tightest supply conditions in decades. The primary factor driving these price hikes is a dramatic reduction in the national cattle herd. According to the USDA’s January 2026 Cattle Inventory report, the U.S. cattle population has fallen to 86.2 million head, the smallest since 1951.