Drought pushes meat prices higher

EAST PROVIDENCE, R.I. (WPRI) --  The U.S. is experiencing its worst drought in more than 50 years. That's leading food prices to skyrocket in some parts of the country.

With little to graze their cattle on, many ranchers are sending their herds to market. Initially, all that new meat on the market could drive prices down -- but not for long. Eventually, smaller herds will result in premium prices for beef.

"So we're going to see record beef prices it looks like, for multiple years, setting new records, at least through 2015," said economist Chris Hurt.

The high prices has market owners worried.

"I don't think it's started yet but all my reps are telling me, 'Hey, the prices are going to start going up because corn is going up' because of the corn-fed animals, even the grass-fed I assume," butcher shop owner John Moutzouris said.

The best advice is to buy local. Local beef and produce can be cheaper because of lower transportation costs. It's also a good idea to stock up on meat when the prices are lowest -- and freeze it.