Gasoline, beef prices soaring this month

Don't Waste Your Money

Hold on to your wallets. 

The price of gasoline and beef is up sharply the past few weeks, and the prices hikes show no signs of letting up.

Gas Prices Jump

Gasoline prices in the Cincinnati area surged again this week, rising to $3.89 at many Northern Kentucky stations and $3.79 at many southwest Ohio stations.

They have been rising steadily since their lows earlier this year around $3.

AAA says this is a normal, seasonal rise, as stations and refineries switch to more expensive summer blend fuel, which produces lower emissions. 

Summer gas is typically 15 cents a gallon more expensive than winter blend gas, which is no longer produced after March. In addition, refineries have to close for a week or more for "maintenance" as they convert to summer gasoline, reducing supplies for a few weeks.

If you think it's bad here, Chicago drivers are already paying over $4 a gallon in many areas.  Prices nationwide are expected to top out just below $4 this year, around Memorial Day.

Beef Prices Hit Record

If the gas pump doesn't drain you wallet, the beef section at the grocery store may.

Beef prices have hit an all time high in the U.S. this month, with no relief in sight.

The wholesale price of USDA choice-grade beef (used to make everything from steak to roasts to burgers) is at a record $5.28 a pound, up from $4.91 a year ago according to the Los Angeles Times.

Ranchers blame the multi year drought, which has thinned cattle herds and sent feed grain prices soaring.

The Times says restaurants are trying to cope with the recent 5% jump in beef prices by trimming serving size in many cases, though some are starting to raise prices.

And while pork prices are still cheaper, even they are up sharply due to the same drought reasons plus a virus attacking pigs in some parts of the country.

As always don't waste your money.

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