INVESTIGATION UNDERWAY: Justice Department launches criminal probe into rising beef price

• The Justice Department has opened a criminal probe into rising beef prices.
• Uncooked ground beef prices increased 48% from $4.64/lb (March 2021) to $6.86/lb (March 2024, likely a typo on screen as 'March 2026'). Steak prices are currently $12.73/lb.
• A local butcher cites rising insurance, payroll, and utility costs as primary drivers for higher prices, not necessarily meatpackers.
• The U.S. cattle herd is at 86.2 million (2026), the lowest since 1951, with 63% of cattle in drought areas, contributing to supply issues.

The Justice Department has launched a criminal probe into rising beef prices, with uncooked ground beef prices up 48% since March 2021 and steak at $12.73/lb. A Philadelphia butcher attributes high prices to overall rising business costs rather than solely meatpackers, while former President Trump suggests meatpackers are criminally profiting. Factors like a record low U.S. cattle herd and widespread drought are also contributing to the 'perfect storm' of high costs.