The price Americans pay for beef hit a record high last month, according to a federal report quietly released Thursday morning. The U.S. Department of Agriculture's monthly "beef values and price spreads" report shows a pound of beef at the grocery store averaged $5.36 across the country. That's an increase of more than a dollar over the past five years.
So it's all because of the drought making feed ridiculously expensive, right? Well, that's part of it. But there's more to it, according to David Anderson, an agricultural economist at Texas A&M University.