Beef prices are up more than 5% from last year, jumping from an average retail price of $4.18 to $4.44/lb.

The high price of corn is driving up the cost of feeding cattle and forcing farmers to reduce their supply.

"We are at a 50 year low for cattle inventory," says Carol Gillis, director of the New York Beef Industry Council, "That means our supply is less. Supply is a little tight, so price is going to go up."

Gillis says cattle inventory should rebound as soon as the price of corn drops, but even then it could be a while before prices come down and stay constant.

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