Forget egg prices! There's 1 more grocery staple that sits near record highs at $11.97 per pound — and it's adding to the squeeze on Americans. Here's what it is and 3 ways to deal with it

Soaring beef costs

If you're wondering why the price of sirloin steak and ground beef is so high, the answer seems to be a shortage of beef cattle inventory.

The U.S. Department of Agriculture reported in January there were 86.7 million head of cattle and calves on U.S. farms. According to industry news publication Drovers, it's the smallest inventory in nearly 65 years.

Low inventory levels have been attributed to drought and high supply prices, leading farmers to trim their herds.

Something else to keep an eye on: America also imports cattle from Canada and Mexico. Tariffs being levied on goods from these countries could affect prices even further.

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Coping with high grocery costs

If you're having a difficult time keeping up with high grocery prices, it may be time to make some changes to the way you shop for food. Here are three ways to do so.

1. Explore your options

First, when it comes to steak, prices can vary depending on the type of cut you buy. Explore cuts that are outside your favorites. If available, you can also buy meat in bulk and slice your own steaks at home, filling your freezer with future dinner entrees. Similarly, with ground beef, prices can vary based on how lean it is and it can often be purchased in bulk as well.

2. Find low-price brands

Low-cost grocers can make a big difference when it comes to shopping for food. Stores that keep things simple and don't have on-site deli workers or butchers may not be able to deliver customized orders, but they can also afford to offer lower prices. If you don't have access to a discount grocery store in your area, see if your regular supermarket carries store brands, which often cost less than name brands while still doing the job.

3. Plan meals around sales

Planning out your meals every week can help reduce the amount of unnecessary food you might buy. Doing so in accordance with what's on sale at your local grocery store can also help keep costs down. So, it may pay to flip through those flyers before you go shopping.