Brought to you by WBIW News and Network Indiana
Last updated on Thursday, May 30, 2013
(WEST LAFAYETTE) - As grilling season begins this summer, beef prices across the country are continuing to rise.
There are several reasons for the record high beef prices we've seen. Purdue University Agricultural Economist Chris Hurt says last year's drought and farmers moving more of their corn to ethanol production are the main factors in creating smaller supplies which leads to higher prices. Hurt says these issues go back a few years.
He says we saw a ten percent increase in beef prices in 2011, another six percent increase in 2012 and this year, prices are expected to rise another three to four percent.
Hurt says consumers can expect these high prices to stick around for a few more years. He says if all goes well, we could see higher beef supplies, and therefore lower prices, by 2016.
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