CHICAGO – Extreme weather has taken a toll on U.S. cattle herds, thinning the supply down to 1950s levels and sending beef prices into the stratosphere — with no downturn in sight, the Los Angeles Times reports.

“We've seen strong prices before but nothing this extreme,” said Dennis Smith with Archer Financial Services. “This is really new territory.”

“All-fresh” USDA choice-grade beef reached a record $5.38 per pound retail price in February, up sharply from $4.91 in February 2013. In 2008, that same grade of beef was priced at $3.97 per pound.

The accelerating prices have put the beef supply chain in turmoil, from rancher to restaurant to consumer. Fast-food burger chains will likely also feel the pinch, and experts predict $1 value menus may soon disappear from menu boards. Yum Brands Inc., owner of Taco Bell, said late last year that it forecasts a 4% price hike for beef and other meats this year, which is in line with U.S. Department of Agriculture (USDA) research. The USDA expects food inflation across the board to be between 2.5% and 3.5% in 2014.

The sky-high beef prices were triggered by an extensive drought in the southern and western United States. The dry weather has increased the cost of corn and hay to record levels, which has meant ranchers sold off their cattle, creating a temporary glut in the beef market now over. Today, the U.S. cattle population is a mere 87.7 million, the lowest level since 1951.

“We're dealing with chronically low herds,” said Richard Volpe, a USDA economist. “Beef prices should remain at near-record highs this year and into 2015.”