A lot at steak: US beef and cattle prices soar to record highs

The classic combination of tight supply and strong demand has pushed US cattle and beef prices to record highs, and there is little end in sight with farmers reluctant to expand their herds and selling off high-priced heifers to dig them out of debt.

Ground beef prices hit a record high of $6.32 a pound in August, and beef prices were up 13.9% year-over-year according to the consumer price index, far outstripping overall inflation rise of 2.9%.

That's insane. I remember being able to go into the store toward the end of the night and getting the ground beef out of the case for 99 cents a pound, just so she didn't have to put it in a tray.