According to data from the Federal Reserve Bank of St. Louis, Americans are facing a 16% spike in steak prices to $12.73 per pound and ground beef prices to $6.70 per pound in March 2026, WIBC-Radio reported.
Five years ago, ground beef averaged $3.96 per pound and 10 years ago it was $3.75 per pound, the report said.
Rising beef prices were offset by a decline in the U.S. beef cattle herd, with the total number of cattle and calves hitting a 75-year low of 86.2 million head, up from 86.5 million a year earlier, according to U.S. Department of Agriculture data reported by the Texas Farm Bureau.
As beef prices rise in both supermarkets and restaurants, consumer demand for the product also decreases, reducing sales in these retail sectors.
The steakhouse restaurant sector has been hit by price increases, causing some establishments to go out of business and, in some cases, file for bankruptcy protection.
The owner of high-end steakhouse chain 801 Chophouse has filed for Chapter 11 bankruptcy protection to restructure its debt and keep its restaurants operating, the Des Moines Register reported.
801 Restaurant Group LLC filed its petition, case no. 26-20549, filed April 10 in U.S. Bankruptcy Court for the District of Kansas City, Kansas City, listing $10 million to $50 million in assets and liabilities, according to PacerMonitor.
The company did not give a specific reason for filing for bankruptcy.
The Overland Park, Kan., lender is represented by Brown & Ruprecht PC in the bankruptcy case, according to InfoRptC.
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The restaurant operator has eight 801 Chophouse locations in Denver, Des Moines, Iowa, Kansas City, Mo., Leeds, Kan., Minneapolis, Omaha, Neb., St. Louis, Missouri. St. Louis, Mo., and Tysons Corner, Va.
The debtor has already closed an affiliated restaurant in Minneapolis, 801 Nicollet, which previously operated under another name, 801 Fish.
801 Chophouse serves aged USDA prime cuts, wet- and dry-aged products, Japanese and domestic Wagyu beef, in-house pastry desserts, small-batch bourbons and scotches, and an award-winning wine list, according to its website.
The steakhouse’s menu features its Rosewood Ranches American ribeye for $145, dry-aged porterhouse for $143, 16-ounce wet-aged bone-in filet for $130, 12-ounce filet mignon for $87, 801 cut bone-in prime rib for $79 and prime rib for $79.
