by Catey Hill, Market Watch:
Beef: It’s what you can’t afford for dinner — for years to come.
Retail beef prices are near record highs. During 2013, the price consumers paid for ground beef climbed roughly 5%, according to government data beef price data released Thursday finds that consumers paid an average of nearly $3.50 per pound for 100% ground beef.
What’s more, experts say that climbing beef prices are here to stay. The USDA’s Economic Research Service projects that beef prices will rise faster than almost anything else this year. Don Close, a cattle economist with Rabo AgriFinance says he thinks prices this year could rise 7-8% and roughly the same amount in 2015. Kevin Good, a senior analyst at cattle research firm CattleFax, says that “higher prices will continue through 2015 or 2016.”
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