Beef prices are up 15% compared to last year, while chicken and pork prices are only up around 1%. "CBS Saturday Morning" goes behind-the-scenes to figure out what's behind the spike.

Beef prices have increased significantly, with steak prices rising by 15% compared to the previous year. The main factors contributing to this surge are supply and demand imbalances, the impact of last year's drought, and disease, which have reduced the domestic cattle population to its lowest level since 1973.

Small businesses such as local butchers are facing challenges competing with larger retailers, leading to higher prices and limited availability. As a result, consumers are increasingly seeking alternatives, such as sausage, while experts predict it may take several years for the beef market to recover as herds are rebuilt.

Why beef prices are so high right now

Well, stocks dipped slightly during an abbreviated trading day on Friday. The three major indexes each retreated from an all-time high. But with just three trading sessions left this year, 2025 has been pretty kind to investors. The Dow, S&P 500 and Nasdaq have all seen double-digit gains this year. The Nasdaq itself has gained 22 percent since the beginning of 2025. Let's see if Santa Claus will visit Wall Street before the end of this year. But also on the rise, your grocery bill. Chances are you've noticed feeding your family is a bit expensive these days, especially when it comes to beef. Steak prices are up double digits this year. We went to the source to see what's behind the rising costs. We're all about quality, just like the meat products we make, how we raise our animals, how we raise our crops. We want it to be the best that it can possibly be. Stephen Boyer has owned The Country Butcher in Tolland, Connecticut for nearly 40 years. He says the holidays are one of their busiest times of the year. It's about 20-25 percent of our yearly sales that we do during this four- to six-week portion of the year. But this year, those orders may come with a higher price tag, with beefsteak up 15 percent compared to last year, while pork and chicken are up just one percent. It's a supply and demand issue. We've also had issues with drought last year. Disease is a growing concern, too. The domestic cattle population has dropped to the lowest level since 1973. And as a small business, Boyer can't compete with the bigger retailers who have more purchasing power. The big chains, they're taking big chunks of that, and that does affect us. That'll affect pricing and availability for us. With higher prices, customers are looking for alternatives. We have seen our sausage sales spike up probably about 20 percent more than they were at this point last year. So I think people are looking for alternatives. They're coming. They're ready. They know exactly what this is all about. After 36 years in business, Boyer remains optimistic. There you go. Even when times are tough. We've seen the ups and downs in beef and pork and poultry. And you know what? We always get through it. You just have to give it a little time. So is it going to get any better? Well, he was saying, look, it's going to take a couple of years. But he's saying, you know, it goes in these cycles. Because if you think about it, you need to to replace the herd. It takes a while for them to grow up. But the thing is, he also gave me some tips. You know, your tenderloin, your filet mignon, those are going to be on the more expensive side. But if you want to do skirt steak, short rib, like we did some sirloin strips. My mom brought them. Oh, nice. There's still ways to enjoy beef. Yeah, for sure. 100 percent. Beef. Gotta have it.

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