Where’s the beef? Hamburger inflation is running at 12% as America’s herds literally shrink

Anyone firing up the grill this summer already knows hamburger patties and steaks are expensive, but the latest numbers show prices have climbed increasingly fast.

And experts say consumers shouldn’t expect much relief soon either.

The average price of a pound of ground beef rose to $6.12 in June, up nearly 12% from a year ago, according to U.S. government data. The average price of all uncooked beef steaks rose 8% to $11.49 per pound.

But this is not a recent phenomenon.