Who knew big food and economists could be so prescient?  

In the 1970s, in response to soaring beef prices, General Mills rolled out its wallet-friendly “helping hand” brand “Hamburger Helper.” Consisting of some sort of carbohydrate and a packet of seasoning, it allowed home chefs to create a budget-friendly, one-pot meal with nothing more than ground beef.  

Decades later, in 2013, most likely, once again in response to rising beef prices, General Mills dropped “Hamburger” from the brand name, relaunching it simply as “Helper” as a nod to the modern home chef’s ability to use other, less expensive types of protein.ⁱ 

In 2021, as prices accelerated at the fastest pace since the 1970s, the St. Louis Fed’s FRED Blog noted that households could save roughly $0.76 per serving by replacing traditional Thanksgiving turkey with a soy-based alternative.ⁱⁱ 

Fast forward to today, and it seems we may be in for another name change, this time dropping the “-er” altogether and simply calling it “HELP,” because that’s, unfortunately, what many folks may need going forward to afford a pound of beef in the US.  

Over the past five years, a combination of droughts, higher feed costs, and a continued decline in the US cattle herd has pushed beef prices higher.ⁱⁱⁱ  A pound of ground beef is up nearly 56%, while average US hourly earnings have risen only about 23%.^iv 

That’s quite the gap!  

Where’s the Beef? 

This means that on an annualized basis, beef prices have risen by more than 9.2%, while wages have grown at just under 4.2%. Good thing that when the Fed targets 2% annual inflation, its closely watched ‘core’ measure excludes food and energy, two categories no one actually needs!  

For investors, a pricey pound of beef is a small but meaningful economic signal. Squeezed consumer budgets can slow spending, pressure restaurant and grocery margins, make it harder for companies to pass along higher costs, and complicate the Fed’s path on inflation and interest rates. In that sense, the humble hamburger can be a surprisingly useful indicator of where both the consumer and the market may be headed. 

Coming full circle, as we often do, we take one more trip down big food memory lane. 

In the 1980s, Wendy’s made “Where’s the beef?” famous, poking fun at competitors’ smaller patties and larger buns.^v 

Sadly, today, while folks may still be asking, “Where’s the beef?” perhaps the more fitting question is, “Where’s the relief?!”  

Until next time.  

DEFINITIONS

¹“Hamburger Helper.” Wikipedia. 24 June 2026.

²Mendez-Carbajo, Diego. “Turkey or Tofurkey?” Federal Reserve Bank of St. Louis. 18 November 2021.

³.Munis, Jacqueline. “Beef Is Becoming a Luxury as Prices Stay at Record Highs. They Likely Won’t Come Down Until 2028, Says Farm Bureau.” Fortune. 20 June 2026.

⁴“Average Price: Ground Beef, 100% Beef (Cost per Pound/453.6 Grams) in U.S. City Average.” Federal Reserve Bank of St. Louis. 14 July 2026.

⁵“Where’s The Beef?” Wikipedia. 7 August 2026. 

IMPORTANT INFORMATION

All figures shown in USD unless otherwise specified.

The information provided in this document does not constitute investment advice and no investment decision should be made based on it. Neither the information contained in this document or in any accompanying oral presentation is a recommendation to follow any strategy or allocation. In addition, neither is it a recommendation, offer or solicitation to (i) sell or buy any security, (ii) purchase shares in any investment fund that GQG Partners LLC and its affiliates  (collectively “GQG”) may sponsor, offer or manage, (iii) establish any separately managed account, or (iv) implement any investment advice. It should not be assumed that any investments made or recommended by GQG in the future will be profitable or will equal the performance of any securities discussed herein. Before making any investment decision, you should seek expert, professional advice, including tax advice, and obtain information regarding the legal, fiscal, regulatory and foreign currency requirements for any investment according to the law of your home country, place of residence or current abode.

This document reflects the views of GQG as of a particular time. GQG’s views may change without notice. Any forward-looking statements or forecasts are based on assumptions and actual results may vary. ​

GQG provides this information for informational purposes only. GQG has gathered the information in good faith from sources it believes to be reliable, including its own resources and third parties. However, GQG does not represent or warrant that any information, including, without limitation, any past performance results and any third-party information provided, is accurate, reliable or complete, and it should not be relied upon as such. GQG has not independently verified any information used or presented that is derived from third parties, which is subject to change. Information on holdings, allocations, and other characteristics is for illustrative purposes only and may not be representative of current or future investments or allocations. ​

GQG Partners LLC is a wholly owned subsidiary of GQG Partners Inc., a Delaware corporation that is listed on the Australian Securities Exchange (ASX: GQG). GQG Partners LLC and its affiliates provide certain services to each other.

GQG Partners LLC is registered as an investment adviser with the US Securities and Exchange Commission. Please see its Form ADV Part 2, which is available upon request, for more information.

© 2026 GQG Partners LLC. All rights reserved. This document reflects the views of GQG as of August 2026.