Famous Philly cheesesteak under threat as costs continue to spiral
Ken Silver, president of Jim's South St., notes that the price of beef from his supplier has climbed by approximately $1 per pound compared to a year ago. This recent hike follows a "crazy" roughly 50 per cent increase when his establishment reopened in 2024 after a fire.
US beef prices have been steadily rising for the past two decades, a trend attributed to a tight supply of cattle coupled with sustained consumer popularity for the meat.
'Our strategy right now is just absorbing the price and hoping that we see a reduction after the summer months are over, the grilling season and all the rest,' Silver said Wednesday.
He said a cheesesteak sandwich at Jim's South St. costs $13.49, up from $11.49 in 2022, when the popular eatery was forced to close for nearly two years because of a fire.
Cheesesteaks typically are made with thinly sliced beef, cheese and onions, though other toppings are possible, too.
For consumers, the average price of a pound of ground beef rose to $6.12 in June, up nearly 12% from a year ago, according to U.S. government data. The average price of all uncooked beef steaks rose 8% to $11.49 per pound.
'We've taken a hit, profitability-wise, just to maintain what our customers would expect to get when they come to us: a reasonably priced cheesesteak of the best quality they can find," Silver said.
If supply costs don't ease, Silver said he might have to raise menu prices or declare a market price, which fluctuates and is commonly associated with seafood.
'I really hate to do that,' said Silver, whose father started the business in 1976.
A customer, Bryan Williams, suggested a price hike wouldn't discourage him from placing an order.
'That's just how things are going lately,' he said. 'There's really nothing that they can do about it.'
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