Beef prices have hit their highest level in almost three decades
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causing sticker shock for both consumers and restaurant owners and relief isn't likely anytime soon.
A dwindling number of cattle and growing export demand from countries such as China and Japan have caused the average retail cost of fresh beef to climb to $5.28 a pound in February, up almost a quarter from January and the highest price since 1987.
Everything that is produced is being consumed, said Kevin Good, an analyst at CattleFax, a Colorado-based industry information service. And prices will likely stay high for a couple of years, as cattle producers start to rebuild their herds amid big questions about whether the Southwest and parts of the Midwest will receive enough rain to replenish pastures.
Meanwhile, quick trips to the grocery store could drag on a little longer as shoppers search for cuts that won't break the budgets. Patrons at one market in Lubbock seemed resigned to the high prices, but not happy.