Center for Agriculture and the Economy
Leveraging expertise from the Kansas City Fed, the Center provides timely analysis of industry developments and conducts ongoing research on the agricultural economy.
Demand for Beef Remains Strong Despite Higher Retail Prices
By Cortney Cowley
August 19, 2026
Consumer demand for many beef products has continued to increase even as retail prices have climbed higher for seven consecutive years. Since 2020, retail prices for ribeye steak and ground beef have increased nearly 50% and 60%, respectively, while prices for other meat products like pork chops and chicken breast have remained relatively more stable (top chart). Low supplies have contributed to higher prices for beef, but strong demand also has remained a key factor. In fact, consumers’ willingness to pay for all meat products rose in July 2026 (bottom chart). Consumers were willing to pay nearly $19 per pound for a ribeye steak and about $10 per pound for ground beef, suggesting that consumers’ stated desire for meat, and particularly beef, could continue to put upward pressure on prices.
Notes: This Agricultural Insight was inspired by discussion at the AAEA Post-Conference Workshop titled “Bridging Research and Application: Emerging Developments in Agricultural Science, Data, and Finance” on July 29, 2026 at the Federal Reserve Bank of Kansas City in Kansas City, MO. Willingness-to-pay (WTP) values are nominal estimates of the dollars per pound at retail, such as a grocery store, that a typical U.S. resident would spend to purchase a product. Retail meat prices for 2026 are for the month of June.
Sources: U.S. Bureau of Labor Statistics and the Meat Demand Monitor at Kansas State University (AgManager.info)
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