The price of steak fell slightly last month, driven by a drop in demand from consumers as Americans shift their protein preferences to lower-priced options while persistent inflation continues to squeeze their grocery budgets.
Labor Department data show the price of uncooked steak fell 1.5% on an annualized basis in July and was down 1% from June, while the price of more budget-friendly ground beef continued to soar — up 9.7% from a year ago.
According to the Wall Street Journal, the price of ribeye and beef loin fell nearly 10% compared to the year before in the four weeks leading up to Aug. 7, and brisket dropped a whopping 18%.
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