How The Price Of Round Roast Steak Has Seen Some Relief

If you've ever wondered what it might look like to see a cow on a roller coaster, simply imagine said bovine riding the wild price fluctuations of beef over the past few years. There are multiple factors that play into the ever-changing cost of producing beef, per Hotel Seymour, that inevitably trickle down to consumers, changing the way we shop for groceries. As Vox notes that the economy is showing signs of easing inflation, protein lovers who are no longer willing to bypass the meat aisle are still searching for deals on more affordable cuts of beef.

Customers who clutched their wallets in June when inflation climbed to 9.1% might be able to slightly loosen their grip, as July's rate simmered to 8.5% from last year. Falling prices on some goods indicate that rate hikes might be effective at slowing inflation, but food prices aren't included in the reprieve and remain expensive. Shoppers might tentatively increase their economic optimism, but they will likely still be looking for more affordable grocery options for the foreseeable future, especially in the meat aisle.

According to the Price of Meat, round steak is a leaner, more affordable cut of beef with less fatty marbling that benefits from a tenderizing marinade. And shoppers who continue to opt for more affordable cuts of beef are seeing the benefit of placing round steak in their carts.

Round steak is a more affordable cut

While many items on the meat aisle are telling plateauing inflation to hold their steak knife, Bloomberg credits customers shopping for more affordable cuts of beef with small price drops on some foods. That's consistent with data provided by the U.S. Bureau of Labor Statistics on the consumer price index of boneless round steak.

The average pre-pandemic price for round steak from February 2019 to February 2020 was $5.88 per pound. At the onset of the pandemic, CBS News noted that factory closures caused supply chain issues that were exacerbated by high demand as consumers rushed to stock up on grocery items. In the first few months of the pandemic, society and the economy grappled with shutdowns and supply issues, and the price of round steak increased by 15% from April to June of 2020.

In 2021, the average price per pound of round steak cost consumers $6.97, and prices continued to rise along with inflation into the next year. Although round steak prices have hovered above $7 throughout 2022, shoppers have seen a 3.35% decrease in the price per pound from January to July of 2022. Lean times call for leaner cuts of steak, and savvy shoppers can celebrate small food inflation victories with a round steak that won't break the bank.