Americans continue spending heavily on steaks and burgers despite record beef prices, forcing restaurants and the White House to confront mounting pressure from what some economists are calling "beeflation."
Beef Prices Hit Record Highs Across America
On Friday, speaking on CNBC's "Power Lunch," celebrity chef Wolfgang Puck said Americans remain deeply attached to red meat even as grocery and restaurant prices climb sharply ahead of the Memorial Day holiday.
Puck said demand for steaks remains strong across the country, noting that steakhouses rarely go out of business because red meat is still "king" among American diners.
While some supermarket beef prices remain elevated, Puck said certain premium cuts used in upscale restaurants have recently eased due to increased imports from countries including Argentina and Brazil.
