Beef Prices Hit New High With No End In Sight

1987 was the last time that beef cost as much as it does in 2014. The red meat is the latest victim of a leveling of the world's consumer economy, with lower-income countries increasing their consumption in line with their expansion. Economic growth in countries like China, coupled with supply constraints in the United States, has pushed beef prices up, and left many consumers wondering about their grocery bills.

Droughts in the United States in the last two years have cut the size of the country's cattle-herd to 1951 levels. 2013 was the...