Web Exclusive: Steaks and hamburgers will cost you more

Web Exclusive

(CBS/CNN) - There's a change in beef prices that's going to hit your bottom line when you shop at the grocery store.  Beef prices hit an all-time high last month.  The USDA says the average retail price per pound of fresh beef was $5.04.  What's driving up prices?  Analysts say there's a supply squeeze caused by the lingering drought.  This is the smallest cattle herd since 1951.

Gas could be getting cleaner! The Environmental Protection Agency finalized plans yesterday to drastically reduce sulfur in gasoline.  The agency estimates the change will only cause gas prices to go up by about a penny a gallon.  But the oil industry says it will drive up costs an extra 9 cents a gallon.

The world's most expensive city is Singapore!  High living costs, price inflation and currency appreciation earned Singapore the new distinction.  This is from a report by the economist intelligence unit.  It found transportation costs in Singapore are nearly three times higher than in New York!  Blame that on high entitlement fees for car owners.  The report named Paris the second most expensive city.  Oslo, Norway came in third.  Last year's title holder, Tokyo, fell to sixth.     

Yahoo Sports is teaming up with quicken loans for this year's billion dollar bracket challenge. 
Yahoo designed and will run the online NCAA basketball bracket.  Warren Buffett is backing that $1 billion dollar grand prize for anyone who can pick the winners of all 63 games.  It's free to enter and registration is now open.     

 


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