Consumers to face higher beef prices in 2014

Although food establishments are hesitant to increase prices, consumers will notice a continuing rise in beef prices at the retail level in 2014 as restaurants are expected to pass on the costs.

A survey conducted by SpenDifference shows 83 percent of restaurant chains raised prices in 2013 and 92 percent plan to increase menu prices again this year.

Beef prices will likely remain high for two more years as herd rebuilding begins to return inventories to pre-drought levels, according to Drovers CattleNetwork.