Beef prices are soaring

(CNN)– Beef prices are rising to record-levels.

The Agriculture Department says beef is selling for $9.26 per pound.

That’s a nearly 9%t price hike since January.

Analysts say several factors are to blame, including smaller cattle herd sizes, drought conditions, and more expensive feed.

There’s also more imported beef in the market.

The American Farm Bureau Federation also says cattle ranching in general is not as profitable as it was previously, and some ranchers have since given up.