Price of ground beef approaching all-time high

April 14, 2010 5:18:15 PM PDT
Consumers may soon have a beef with the price of ground beef.

The cost is approaching an all-time high, potentially eating into profits for fast food chains.

Wholesale prices for the most popular commercial grade jumped about a $1.60 a pound last week, up more than 32 percent from their November low.

The surge is linked to heavy rains that have created ideal pastures, giving ranchers an incentive to hold onto their cows longer to fatten them unless buyers pay a premium