There is no relief in sight for those consumers who prefer beef. High demand and low supply has led to record-high beef prices, the Milwaukee Journal Sentinel reports, with the average price of ground beef reaching $4.24 per pound. This number is up 90 percent from five years ago.
Last week VendingMarketWatch reported that high beef costs are encouraging fast-food restaurants like McDonald’s and Burger King to drive chicken-based products. High beef prices are the result of shrinking cattle herds that are only just now beginning to recover. The Milwaukee Journal Sentinel reports that it will be a few more years, perhaps 2017, until beef herds return to normal level, which would bring meat prices back down.
According to the USDA, pork and chicken prices will likely increase this year as well.