Hamburgers Are About To Get More Expensive

The cost of ground beef could increase by as much as 15% this year, after rising 5% in 2013, according to the cattle research firm CattleFax.

That means consumers will pay $1 more on average for two pounds of ground beef in 2014, and may soon see higher prices for burgers and other beef dishes at restaurants, assuming the projections are accurate.

Consumers in the U.S. paid an average $3.50 per pound for ground beef in 2013, according to government data.

Steak prices are also expected to rise, but at a slightly slower rate of roughly 5% to 10%, Kevin Good, a senior analyst with CattleFax, told the Wall Street Journal.

A decrease in the number of cattle in the U.S., coupled with a hike in the cost of grain, has been driving up beef prices.