WASHINGTON - The cost of your next steak could be higher. Meat producers are beefing up the price of beef.
The cost hit a record high last month when it reached an average of $5 a pound.
Experts predict the price will climb another 5 percent to 8 percent this year.
Producers began shrinking their herds nearly five years ago due to high feed costs and diminishing profits, KABC reports.
Since then, demand from overseas markets has shot up and claimed more American beef.
The last time the number of cattle was this low in the U.S. was when Harry Truman was president.
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(Copyright 2012 by WTOP. All Rights Reserved.)
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