COLUMBUS, Ohio (WCMH) -- If you've noticed your grocery bills getting bigger, beef may be one of the reasons. Prices are at record highs and it doesn't appear to be slowing down any time soon.
According to industry experts, it comes down to simple supply and demand. According to the latest consumer price index data from the Bureau of Labor Statistics, ground beef prices rose 11.5% and beef steak prices rose 12% compared to this time last year.
At the grocery store and central Ohio butcher shops, sticker shock is setting in.
"We see consumer demand for beef up across the board," Ohio Beef Council executive director Elizabeth Harsh said. "Certainly, we see ground beef prices at a historical high."
Harsh said a shortage of cows and tough weather are to blame. "Cow herds across the country have been at an all-time low for many decades and we really see that reflected here in central Ohio and throughout the state," Harsh said.
Record high prices are coming simultaneously with historically high demand with Harsh saying demand is at its highest in 40 years.
More than a nut: Ohio bills crown Buckeye as state candy, correct tree’s scientific name"So, while the supply is low, consumers want beef and are willing to buy beef, even as we see beef prices continue to rise, we see beef sales following right along with it," Harsh said.
David Smith has owned Bluescreek Farm Meats and Market for more than 30 years. He said because he owns a farm he raises almost everything himself. Not everyone does though.
"People that has strictly a retail store, freestanding, that doesn't raise their own meats, it's going to be particularly hard on them," Smith said. "You're going to see a lot of them going out of business."
However, Smith said even he has had to absorb some of the costs. "The bottom line's getting slimmer all the time," Smith said. Smith's customers are feeling this when they go to purchase beef. "You're looking at anywhere from two to four dollars a pound higher," Smith said.
According to industry experts, if people buy more chicken and pork for their dinner meals it could help decrease the price of beef. Central Ohio families looking to save can stretch their meals with ground beef, roasts, or other less expensive cuts.
"People always have to eat," Smith said. "That's the bottom line. People have to eat. So, they will try to take other cuts and marinate them, extend them with different recipes out of the cookbook like ground beef, ground lamb. There are all kinds of different things that they can do with ground beef that's on the lower end of meat."
Experts said they don't expect prices to level off this fall. In fact, they said they could climb even higher as we head into winter due to fuel costs and other factors.
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