If there is a small bit of positive news for those who love to grill a steak in the summer or enjoy a roast dinner during the chilly winter months, beef prices are expected to climb further in 2026 — but not by as much as in recent years.

“The bad news is it won’t be going down,” said Mike von Massow, a food economist at the University of Guelph in Guelph, Ont.

Beef prices are at record highs after climbing 16 per cent over the last year and up 35 per cent in October compared with the five-year average. The retail price of beef is expected to creep up again next year.

The reasons behind the hefty price tags are as simple as supply and demand, with the supply of cows historically low and demand incredibly high. Yet the situation is much more complex, with ranchers facing difficult decisi

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