One place you'll find inflation–meat prices.
Sticker shock at the steak house; beef prices highest in 27 years | kens5.com San Antonio
By Doug Miller / KHOU 11 News and The Associated Press
Edd Hendee reached into the chilled glass case containing cold cuts of steak, the classic Texas entrée upon which he built his restaurant and his fortune, proudly showing off his merchandise like a jeweler displaying his diamonds.
“This is a center cut filet,” he said. “It’s the very best filet you can possibly buy. And that’s why it’s expensive.”
And lately, at the Taste of Texas restaurant in west Houston, it’s become even more expensive.
“When the price goes from just under $20 a pound to us wholesale to almost $25 a pound, that’s almost a $5 increase in this steak to me,” Hendee said. “I had to pass some of that along to the customers.”
Indeed, Hendee estimates his menu prices have risen roughly 20 percent in the last 18 months, as beef has hit its highest price in almost three decades.
A good steak hasn’t cost this much in America since Ronald Reagan was president. A dwindling number of cattle and growing export demand from countries such as China and Japan have caused the average retail cost of fresh beef to climb to $5.28 a pound in February, up almost a quarter from January and the highest price since 1987.
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