How would you like your steak? Maybe rare, medium, or well done — but certainly not more expensive.
Retail beef prices in the U.S. are at record highs, pushing up prices of beef-based products from burgers to steaks and steak tartare.
That’s largely thanks to a shrinking cattle supply, as well as higher input costs, market watchers told CNBC. And they don’t expect it to ease any time soon.
Retail beef prices are currently hovering around record levels of about $8 per pound, according to data from the United States Department of Agriculture (USDA).
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