Cheeseburgers and steaks could be about to get a lot more expensive after US beef cow numbers slumped

• The US cow population fell 3% last year while beef cows decreased to their lowest level since 1962, according to the Department of Agriculture.
• That fall in supply is likely to drive up the price of food like burgers and steaks.
• "Stronger prices will likely be the theme of the market over the next two to potentially three years," an analyst said.

Americans should brace for prices of beef-based products ranging from hamburgers to high-quality steaks to soar after US cow numbers plummeted.

The total cow population in the country fell 3% to 89.3 million in 2022, according to a Department of Agriculture cattle inventory report published Tuesday.