Beef and cattle prices are at a record high.
That’s good news for cattle producers but it means consumers will be paying a higher price for their beef.
Kansas State University Agricultural Economist, Glynn Tawnsore says ground beef is about $5 a pound, and steak is about $15 a pound.
The record prices are a result of good old supply and demand: there are simply fewer cattle in the U.S.
According to the USDA there were about 89 million cattle in the U.S. as of January 2012, marking the lowest inventory since 1952.
The typical consumer ate 55 to 60 pounds of beef per person six years ago. Now the average is 51 to 52 pounds per person.