Beef prices have reached all-time highs in the U.S. and aren't expected to come down any time soon.

I paid $3.99 a pound for bone-in ribeye steaks at Kroger last week and thought I was getting a steal. Don't expect to see prices like that too often. The price of beef, like gas, is going up and will continue to go up all summer.

Beef expert Karl Harborth with the LSU Ag Center in Baton Rouge says extreme weather has thinned the nation's beef cattle herds to levels last seen in the 1950s.

Right now, the average price for a pound of ground beef is $3.85. That’s a 16-percent jump in just one year.

Why are the prices skyrocketing? Fewer farmers are raising cattle. The demand for beef from Asia is on the rise and drought has depleted the supply. Consumers are paying more for many items at the grocery store, but beef prices are going up faster than any other food group.

Beef expert Karl Harborth with the LSU Ag Center in Baton Rouge says extreme weather has thinned the nation's beef cattle herds to levels last seen in the 1950s. Horborth will join us on KEEL Monday morning at 7:20 to talk about beef prices and the supply.