Tight domestic cattle supplies, with the U.S. herd at historic lows and the 2026 calf crop down notably, continue to support elevated ground beef prices near the August record of $6.92 per pound. USDA data show retail beef prices rising 9.4–9.8% for the year, outpacing broader food inflation, even as farm-level cattle prices eased after May peaks. Recent expansion of the tariff-rate quota for lean trimmings boosted imports without materially lowering consumer costs, as store-level prices fell only about 2% in tracked outlets. Strong consumer demand for affordable cuts and slower slaughter rates sustain the pressure, while reopening of Mexican cattle imports and 2027 production forecasts point to limited near-term relief.