LEXINGTON, Ky. (LEX 18) — Beef prices are soaring across the country; according to the US Bureau of Labor Statistics, a pound of lean ground beef currently costs $8.34.
Local beef producer and sellers Amanda and Reid Hall say the current beef market is "the perfect storm."
"The cow herd is at its lowest number it has been at in 70 years, when you think about supply and demand naturally when the supply is lower the prices will go higher," said Amanda.
The Hall's own Hallstead Farms & Meats, located off Bethel Road in Lexington.
Reid tells LEX 18 some of the factors affecting prices include the age of farmers, the consecutive drought years in the west, and the price you can get right now for a beef cow.
"You're seeing older gentlemen sell entire herds, people selling to pay debt down," said Reid.
However, the Hall's say demand is still high.
"They're still choosing beef, they're choosing the ground beef, the steak, the roast because they know it is such an awesome protein," said Amanda.
To stretch your budget, they recommend connecting with a local producer and bulk buying, like getting a quarter, half or a whole cow.
"The bulk pricing is much cheaper in the way that from a filet to a chuck roast, your pricing per pound is all the same," said Reid.
With the price of one pound of beef surpassing the federal minimum wage, the Hall's say budgeting, even for their family, is top of mind.
