You Won't Believe How Much A Pound Of Ground Beef Cost In 1970

Inflation happens, and there's no way around it. That being said, it can be tough to stomach the ever-climbing prices at grocery stores today — and it can be even more painful when you look at what prices used to be half a century ago. According to a 1972 agricultural economics paper written by Ed Watkins for The Ohio State University, a package of ground beef ran customers just 90 cents — a stark contrast to the $6.32 that the same pound of ground beef costs United States shoppers, on average, today. While you can save money by grinding your own beef at home, it's certainly easier to buy the pre-ground stuff to form into patties for burgers, create perfectly tender meatloaf with the right beef blend, and more.

You're probably wishing you were shopping for groceries in 1972 instead of today — a package of meat with a $0.90/lb sticker would certainly cause a type of reverse sticker shock — but inflation means this picture is more complicated than it first appears. Adjusted for inflation, 90 cents is equivalent to $7.11 in 2025, which means the 1972 sticker is more expensive than modern prices. Does that come as a surprise? There are probably a lot of reasons for that, but a couple of them relate to the complicated role of inflation.

First, wages haven't kept pace with inflation. According to federal statistics, the average real mean family income in 1972 was $79,200. That's equivalent to about $607,000 in 2024 dollars; the actual real mean family income in 2024 was $144,500. So although the 1972 cost is similar to modern price tags, 2025 families are likely working with smaller grocery budgets than their 1972 counterparts.

On top of this, beef prices have undergone a steep increase in the last few years. While the prices of all grocery items tend to go up over time, the change in ground beef has been especially noticeable. In January of 2020, ground beef cost just $3.89 per pound on average. (For comparison, the 1972 beef price of $0.90 is equivalent to $5.70 in 2020 dollars, which means 2020 beef prices were especially low.) So on top of a tighter budget, today's prices might seem especially hefty considering they weren't so steep a few years ago. So what exactly is it about ground beef that makes it so unbelievably expensive today?

There are several factors that are likely contributing to the high cost of ground beef, and it's hard to pin the rocketing prices on a single issue. Currently, the demand for ground beef is higher than the supply, largely due to droughts throughout the United States in recent years. According to the American Farm Bureau Federation, cattle inventory of beef cows that have calved is the lowest its been since the mid-1960s. The AFBF also reports that prices for steers — male cows bred for meat — are incredibly high compared to prices in the past, making it more challenging for farmers to grow their herds.

The Trump administration's tariffs have also played a role in the rising prices of ground beef over the past year. While Canada and Mexico aren't subject to ground beef tariffs, many of the other countries that export ground beef to the United States — including Australia, Brazil, and New Zealand — are subject to 10% tariffs, driving up the price consumers see at the grocery store. The Trump administration is planning to bring in beef from Argentina, leaving many American ranchers frustrated as they continue to battle conditions — including droughts — that have led to a dwindling supply of cattle.