President Donald Trump has revealed that his team is formulating a strategy to bring down grocery prices, with a particular focus on reducing the cost of beef.

Amid skyrocketing beef prices, Trump’s announcement aligns with a recent Axios survey indicating that 47% of Americans find groceries increasingly unaffordable. Over the past year, beef prices have surged nearly 13%, reaching unprecedented levels.

Data from the Federal Reserve Bank of St. Louis shows that the price of ground beef rose from $7.11 per pound in January to almost $8 per pound by August. While President Trump has yet to detail his approach to curbing these costs, he expressed confidence in his ability to “work his magic.”