According to WIBC-Radio, Americans faced rising beef costs in March 2026, causing steak prices to rise 16% to $12.73 per pound and ground beef prices to $6.70 per pound.
The average price of ground beef was $3.96 per pound five years ago and $3.75 per pound 10 years ago, the report said.
The decline in the U.S. beef cattle herd has spurred higher beef prices, with the total number of cattle and calves reaching 86.2 million, a 75-year low, down from 86.5 million a year ago, according to USDA data reported by the Texas Farm Bureau.
As beef prices rise in supermarkets and restaurants, consumer demand for the product falls, reducing sales in these retail sectors.
The steakhouse industry has been hit by rising costs, leading some restaurants to close operations and in some cases even file for bankruptcy protection.
The owner of high-end steakhouse chain 801 Chophouse has filed for Chapter 11 bankruptcy protection to restructure debt and continue operating its restaurants, the Des Moines Register reports.
According to PacerMonitor, 801 Restaurant Group LLC filed petition No. 26-20549 in the U.S. Bankruptcy Court for the District of Kansas in Kansas City on April 10, listing assets and liabilities ranging from $10 million to $50 million.
The company did not specify the reason for filing for bankruptcy.
The Overland Park, Kansas-based debtor is represented by Brown & Ruprecht PC in the bankruptcy case, Inforuptcy reported.
The restaurant operator owns eight 801 Chophouse restaurants in Denver; Des Moines, Iowa; Kansas City and St. Louis, Missouri; Leawood, Kansas; Minneapolis; Omaha, Nebraska; and Tysons Corner, Virginia.
The debtors have closed 801 Nicollet, an affiliate restaurant in Minneapolis that previously operated under another name, 801 Fish.
801 Chophouse offers USDA prime aged beef, wet-aged and dry-aged products, Japanese and domestic Wagyu beef, house-made pastries and desserts, small-batch bourbon and scotch, and an award-winning wine list, according to its website.
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The steakhouse’s menu includes Rosewood Ranches American rib eye steak ($145), dry-aged porterhouse steak ($143), 16-ounce wet-aged bone-in filet mignon ($130), 12-ounce filet mignon ($87), 801-cut bone-in prime rib ($79) and 16-ounce rib eye steak ($77).
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