WASHINGTON — The cost of steak is on the rise.
On Sunday, top officials from President Trump’s administration defended his efforts to tackle the increasing food prices in the wake of the unrest. Reports suggest that ground beef prices may reach $10 per pound soon.
Treasury Secretary Scott Bessent attributed the high prices to a “perfect storm” of challenges stemming from the Biden administration, including a deadly parasite that has spread from Mexico.
During an interview on Fox News’ “Sunday Morning Futures,” Bessent remarked, “The beef market is unique. Markets run in long cycles, and we’re experiencing another perfect storm—one we’ve inherited.”
This commentary followed an earlier discussion with Nate Lempe, CEO of Omaha Steaks, who indicated that ground beef could hit $10 a pound by next fall. He added that prices aren’t likely to decrease until 2027.
In September, the average cost of ground meat was $6.32, a rise from $5.67 the previous year, according to the Federal Reserve Bank of St. Louis.
Bessent highlighted that the Trump administration recently reduced import tariffs on beef, coffee, tropical fruits, and other foods to help with affordability concerns.
He elaborated on the administration’s focus on economic growth and the implementation of the One Big Beautiful Bill Act, also referred to as the Working Families Tax Cuts Act, to improve affordability.
“We’ve inherited this significant inflation, but we’re working to flatten it,” Bessent stated. He expressed optimism about giving Americans more purchasing power with falling energy prices and interest rates.
National Economic Council Secretary Kevin Hassett also fielded questions regarding food prices during an exchange on ABC’s “The Week” about Trump’s claim of a 25% drop in Thanksgiving food prices, a figure based on Walmart’s holiday packages which actually had fewer items compared to last year.
According to a report from the Wells Fargo Agriculture and Food Research Institute, food prices have risen 2.7% this year, but Thanksgiving dinner could be 2% to 3% cheaper if shoppers opt for store brands.
Hassett pointed out specific items that have seen price hikes, maintaining that the Trump administration has made progress in improving affordability since taking office.
“While prices have surged under Joe Biden, inflation has significantly decreased. Inflation is now about half of what it was in December,” Hassett remarked on ABC.
He continued, saying, “This is being addressed swiftly. Sure, some prices are high, but many others, like gas and mortgage rates, are lower.”
Bessent discussed the complexity of beef prices and their causes, noting, “Part of the issue involves the suspension of Mexican beef imports due to a disease called screwworm, as we can’t allow the disease into our supply chain.”
The New World screwfly is a problematic parasite that inflicts serious injuries on livestock. The U.S. and Mexico have long collaborated to tackle screwworms through sterile fly production.
However, it remains unclear why Mexico is experiencing a resurgence of screwworms, although some scientists suggest it may relate to a decline in sterile fly production during the pandemic.
In May, the Trump administration halted imports of various livestock from Mexico due to this outbreak.
Bessent expressed confidence that inflation around food and household items would soon begin to diminish. “We anticipate that inflation will decrease, and real income growth will gain momentum,” he shared. “We aim to be transparent with Americans about their feelings, unlike the Biden administration.”
The Trump plan, titled “One Big Beautiful Bill,” intends to reduce taxes on tips and overtime pay and establish a “Trump Account” for children born between 2025 and 2028, each receiving $1,000 from the government.
Rising living costs have emerged as a significant concern in the recent 2025 off-season elections, which the Democrats won decisively.
Several senior advisers to Trump have hinted at the importance of affordability issues as they approach the 2026 midterms. For instance, Trump proposed a $2,000 tariff dividend requiring Congressional approval, which may face challenges from a Supreme Court case regarding tariffs.
Bessent remarked, “Everything is negotiable regarding the tariff dividend. It aims to assist working families, with income limits in place.”
While he cited government shutdowns as a factor slowing economic growth during the Trump administration, Bessent remains hopeful about a recovery beginning early next year.
“I believe we’ll see notable economic acceleration in the first half of the year,” he said. “Many prices are already showing signs of falling.”
