SPARTA, Mich — You may have noticed higher prices for beef at the grocery store.

Add it to the list of goods and services that have become more expensive over the last few years.

The cost of a pound of ground chuck has climbed more than 50% since early 2020, according to the Bureau of Labor Statistics .

But why?

There are a number of reasons, but it can best be explained by the simple economic principle of supply and demand.

Cattle inventory across the country is at a record low , while consumer demand for beef remains high .

There are other factors at play, according to Dr. Jamie Luke, who studies livestock economics as a professor at Michigan State University.

“There were also widespread droughts across cattle country that caused producers to constrain their herds so that

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