In the '70s, an average steak dinner in the US was significantly cheaper than today's standard in terms of steak or ground beef, with the average price increasing by more than 50% since early 2020. However, these days, steaks from the grocery store and other chain restaurants are becoming more expensive. An old menu from Ponderosa Steakhouse, once serving discount beef, shows a sirloin steak dinner listed for only $1.79, and a T-Bone for just $2.49, while current prices for these items at Texas Roadhouse are $17 for an 8-ounce sirlois and $35 for the T-bone. The high beef inflation of the '1970s was caused by a drop in cattle supplies due to the unusually low price of beef. However the '60s saw significant inflation rates, which topped 12% in both the mid and late '70's and led to a significant increase in beef prices. The current situation is similar, with high beef prices under pressure from drought-affected cattle producers and ongoing trade disputes. The US government's response to these issues has been to major beef exporters like Brazil with tariffs and the current administration's attempt to keep down the current American cattle supply.