"We've seen a significant upward trend in both the fed cattle prices and even more in the calf prices. And what we're seeing is really a reflection of having an inventory, a cow inventory, that's the lowest we've seen in 60 years," Steve Amosson, with Texas A&M Agri-Life Extension said.
And Amosson says, it will probably get worse before it gets better.
Lower feed prices have increased confidence among ranchers, although as they re-build their herds, the price of beef could still be going up.
"We may start to see more of an expansion of the cow herd. In order to expand the cow herd, you've got to take more calves out of production to replace the cows. And when you do that, you're going to strangle supplies in the short run over the next couple years even further," Amosson said.
Evetuallly, as supply rebounds, the price will likely go back down, but right now, Amosson says consumers are buying less beef. They're buying more chicken and pork, all because of those high beef prices.
To take a look at general trends in food prices, click here.