A combination of factors is driving up the cost of steak, prime rib and other beef products.
Beef prices have increased between 20% and 30% depending on the cut of meat and quality compared to this time last year.
“Normally there is a gradual rise every, but what is happening this summer is its just kept going up and up,” said Sean Kelly, a butcher in The Blue Mountains.
Retailers have absorbed some of the increased cost, but consumers are feeling the pinch.
“I notice the prices start to sky rocket around May and start to come down in September or October,” said consumer Cathy Mottershall.
Some analyst say people should expect meat prices to remain high for the next year or two because it could take farmers that long to increase production in order to meet the demand.
“There is only so much supply and there is more supply than demand right now and if we won't pay for it and buy it, other countries will,” said Kelly.
In Ontario, cattle prices reached their peak around the end of July, but prices are still 30% higher than this time last year.
