Beef prices are at record highs with the average price of a pound of ground beef topping $6. Lisa Rozner reports on what's causing prices to soar.

Chicago

Beef prices in the United States have reached unprecedented levels, with the average price for a pound of ground beef now exceeding $6, an 11% increase from the previous year. This surge is attributed to a multi-year drought that has reduced cattle herds to their lowest numbers in over 70 years, raising production costs and limiting supply.

Additional pressures include rising costs for imported beef, with U.S. imports from Mexico suspended due to a parasite and a 50% tariff imposed on Brazilian beef. While some consumers are turning to alternative proteins, demand for beef remains strong for now. However, analysts suggest that continued high prices could lead to a decrease in demand in the coming year.

Why U.S beef prices are soaring

On tonight's CBS Money Watch, Labor Day is often the last hurrah of summer. With airlines expected to break records, United plans to fly more than 3 million people over the holiday. American Airlines, close to 4 million. AAA expects more than 38 million people will hit the road. That's up 10% from last year. And gas prices, they're down averaging $3.15 a gallon nationwide. Pump prices are highest in California, the lowest in Mississippi. Barbecues are a Labor Day tradition, and this year, beef prices are at record highs. CBS's Lisa Rosner is in New York and reports on what is causing these prices to soar. Lisa? Jerica, for the first time ever, the average price for a pound of ground beef is more than $6. That is up 11% from a year ago. The sizzle never stops inside New York City's Hamburger America. They can serve up to 1,500 burger patties a day. The restaurant has been smashing burgers for nearly two years. Customers can get a single with cheese or onions for $7.50, a point of pride for co-owner Andrew Schnipper. The hamburger traditionally has been an item that is affordable. It's an every person's food item. And he's hoping to keep it that way. But the problem begins in cattle country, where a multi-year drought shrank herds to their lowest numbers in more than 70 years. There's just a lack of beef cows in this country. Unlike chicken, cattle need years to grow and enough grass and feed to make that happen. And those cost more now, according to the American Farm Bureau. Imported beef is also getting more expensive. In May, the U.S. suspended live cattle imports from Mexico because of a parasite. Beef from Brazil now faces a 50% tariff from the Trump administration. At the supermarket, David Dawes says higher prices are steering him toward other protein sources. I was looking for ground turkey because it is a few dollars cheaper. Hamburger America's beef supplier stopped absorbing the increase and has raised its prices by 9%. This could force the restaurant to also raise prices. I think the whole industry is kind of in a sort of wait-and-see mode at the moment. Beef imports are expected to be 12% higher this year compared to last because higher prices are not deterring people from buying beef just yet. But analysts predict that if high prices continue, demand will drop next year. Jerika? Lisa Rosner in New York, thank you.

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