Rising Beef Prices Challenge Iconic Philly Cheesesteak Makers: How They’re Adapting in a Changing Market

Ken Silver is the proud owner of Jim’s South St. in Philadelphia, famous for its cheesesteaks. This summer, he’s facing a tough choice: raise prices or take a hit to his restaurant’s bottom line due to skyrocketing beef costs.

Beef prices in the U.S. have been climbing for the last two decades. The supply of cattle is low, but beef’s popularity remains. Silver noticed his beef supplier raised prices by about $1 per pound compared to last year. This follows a hefty 50% price increase he absorbed when reopening after a fire in 2022.

Currently, a cheesesteak at Jim’s costs $13.49, up from $11.49. Silver hopes prices will go down after the summer grilling season.

For context, the average price of ground beef hit $6.12 per pound in June, a nearly 12% increase from last year. Similarly, uncooked beef steaks rose about 8% to $11.49 a pound, highlighting a broader trend in food prices.

Despite these increases, customers like Bryan Williams say higher prices won’t deter them. “That’s just how things are going lately,” he said. In an age where inflation affects everything, many patrons understand the situation.

Experts believe this trend could continue, as supply chain issues and higher feed costs persist. Some have suggested a shift in consumer behavior, with people willing to pay more for quality products from their favorite local restaurants.

As beef prices remain volatile, Silver must balance preserving his restaurant’s reputation and keeping customers happy amid these economic changes.



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