Planning a cookout? There’s one grocery item costing Americans a lot more this year.

Consumers are paying the highest beef prices on record just as millions prepare to fire up the grill for Independence Day.

[Images: Adobe Stock]

Heading into the Fourth of July weekend, Americans are going to be making some tough choices about what to throw on the grill.

The price of beef in the U.S. is still hovering around its record high, according to the most recent data from the U.S. Bureau of Labor Statistics. In April, beef hit its highest price yet, averaging $6.92 per pound of ground chuck—up almost a dollar per pound from the year prior and almost three dollars compared with early 2020, before prices began rising. In May, it dipped slightly to $6.72 per pound, a price that remains well above what Americans expect to pay for red meat.

Beef’s problems are myriad. The U.S. cattle herd, which includes dairy and beef cattle, has contracted to its smallest size in 75 years. For farmers, raising........

© Fast Company