HOUSTON -- It's not just eggs. Prices are climbing for beef as well. Beef prices were 5.5% higher in January compared to the same time last year.

Experts say the simple answer is there aren't enough cattle. In recent years, cattle farmers have reduced the size of their herds. According to NerdWallet, U.S. cattle inventory is the smallest it has been since 1951.

According to the experts, there are several reasons for the cattle cutbacks. Between a drought, higher grain prices and higher interest rates, it is getting more expensive to raise cattle. To reduce costs, a lot of cattle farmers reduced the size of their herds.

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Also, as high cattle prices continue, some farmers could sell more female cattle for slaughter instead of keeping them for breeding, reducing herd sizes even more.

So how can you save money and keep the beef lovers in your household happy? Choosing cheaper cuts can help. Marinating the meat or slow cooking helps make them tastier. Also, bulk buy when you spot a good sale. Freeze the extras for a later date. Meal planning also helps make sure nothing goes to waste.