Trump Promises Deal to Cut Beef Prices After 14% Surge in the Past Year

U.S. President Donald Trump has said that his administration is preparing to strike a deal aimed at lowering beef prices, which have reached record highs in recent months. Speaking at the Oval Office on Thursday, Trump hinted that the move could happen “soon,” though he offered few details about the agreement.“I think we have a deal on beef that’s going to bring the price down,” Trump said. “That’s one product that’s a little higher than we’d want it, but it’s coming down pretty soon. We worked our magic.”

According to the U.S. Bureau of Labor Statistics (BLS), the average price of ground beef hit an all-time high of $6.31 per pound in August, up 1% from July and nearly 14% higher than at the start of the year. Similarly, prices for beef and veal rose around 14% between August 2024 and August 2025, while uncooked steak prices surged by 16.6%.The rise in beef prices has far exceeded both overall inflation (2.9%) and grocery inflation (2.7%), putting additional pressure on American consumers. Meanwhile, lean and extra-lean ground beef now costs $7.95 per pound on average, reflecting an 8% increase since January.

While Trump did not specify how the deal would reduce prices, his remarks suggest that his administration is moving quickly to address the ongoing food inflation crisis — with beef at the top of the list.