U.S. ground beef prices continue to soar due to a shrinking supply of cattle, reaching historic highs above $6 a pound in June.
Factors like drought, high grain prices, inflation, and interest rates have pushed farmers to reduce herd sizes, causing long-term supply shortages. Experts say fixing the supply gap will take years because rebuilding cattle herds is a slow process.
These rising costs are impacting consumers and businesses alike and are likely to keep beef prices elevated through the next few years.
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