U.S. residents to have beef with beef prices

In the upcoming months, some people might have a beef with beef prices.

'Ground beef is now selling for about $3.50 a pound and prices could rise another 15% in the coming months,' 'GMA' explains.

With the increasing cost of beef, restaurants might even need to rethink their menu items.

USA TODAY reports the price of beef has been rising since 2007 at an average rate of about $1/pound. The cost of cattle has also risen.

'The sky high beef prices are being blamed on ranchers raising fewer herds of cattle, particularly on areas experiencing a drought,' 'Today' reports.

Now, the U.S. cattle herd is the smallest it's been in 60 years. Marketwatch says that according to one poll, 'U.S. consumer demand for beef has been declining - 39% of Americans say they eat less beef now than they did three years ago, compared with just 6% who say they eat more.'

But for those of you who often crave a delicious burger, we've got some good news: cattle herds ARE beginning to increase.