Beef prices have soared to all-time highs, with many families feeling the squeeze.

Economics correspondent Paul Solman looks at the factors driving prices higher.

Got a beef with beef prices? You've got company.

I was looking at the price of a pound of ground of ground beef, and three months ago, it was $4.99 a pound. And a week ago, Saturday, it was

$7.99 a pound. And it's not just beef. It seems lately like every time I go into the store,

I have sticker shock. It's alarming to me. I'm almost afraid to go in there what I'm going to find.

Almost 90% of Americans now say they're stressed about grocery prices, which have been up for three

main reasons.

Because of tariffs, because of weather and climate conditions, because of the labor cost.

And shoppers have been paying more for a number of years.

Since the pandemic, food prices are up over 26%.

So we're having sticker shock every time we go to that cash register.

Official grocery prices actually dipped slightly last month.

But one food that keeps climbing on a monthly and yearly basis is beef.

Ground beef is up 11.5% since just last year.

Ground beef is the highest price that it's ever been.

CPI data started being collected in the 1980s.

This is the first time it's over $6 a pound.

And when we look at beef and veal prices, they're up over

10%. As of July, beef and veal were up 11.3% over the last 12 months. Why? It's kind of the age

old economist answer, supply and demand. We're producing less beef. At the same time, consumers are demanding beef.

We really have had growing demand for beef for a decade.

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