Beef prices reach highest level since 1987

Published On: Apr 12 2014 10:50:18 AM EDT
Updated On: Apr 12 2014 11:58:04 AM EDT

The U.S. Department of Agriculture says that the U.S. cattle herd has fallen to 87.7 million, its lowest level since 1951, when there was half as many Americans.

LUBBOCK, Texas -

The highest beef prices since 1987 are hitting the pocketbooks of home cooks and restaurant owners.

A dwindling number of cattle and growing export demand have tightened the supply and caused the average retail cost of fresh beef to climb to $5.28 a pound in February - 24 cents higher than January.

Prices likely will stay high for a couple of years as cattle producers start to rebuild their herds. Those in the in the Southwest and Midwest will need enough rain to replenish parched pastures.

Some shoppers are turning to chicken or pork, though those prices are on the rise as well.

Some independent restaurants have hiked their menu prices or switched to smaller steaks. An economics professor says chain restaurants combat the price spike by buying in bulk.

Comments

The views expressed below are not those of News4Jax or its affiliated companies. By clicking on "Post," you acknowledge that you have read the Terms of Service and your comment is in compliance with such terms. Readers, please help keep this discussion respectful and on topic by flagging comments that are offensive or inappropriate (hover over the commenter's name and you'll see the flag option appear on right side of that line). And remember, respect goes both ways: Tolerance of others' opinions is important in a free discourse. If you're easily offended by strong opinions, you might skip reading comments entirely.

blog comments powered by Disqus