So read those labels!

The original standards for beef were created in 1916 and provided a framework for quality standards based on the age of the animal, the marbling [amount of fat interspersed with the lean meat throughout the cut] and its firmness, color, and texture. Since that time, grade specifications have been constantly changed and improved, with the most recent change made in 1997. And with this summer's higher-than-ever prices, it might be the time to look carefully at just which grade of beef is best for you.

There are eight grades of beef, but for the average consumer the choices in the supermarket are just three: Prime, Choice and Select. According to the USDA, the breakdown of what we consume is approximately 53% of Choice, 35% of Select and 3% of Prime beef with the other cuts making up the difference.

The standards are complex - but a rule of thumb to follow is that the younger the beef with a "slightly abundant" degree of marbling is graded as Prime; and the most expensive at retail. The older the beef - with the least amount of marbling is the least expensive.

Choosing which grade is right for you does not have to be complicated, but you need to develop your own decision-making matrix.

1. How are you cooking the beef? If it's on the BBQ, you may want to buy a more marbled piece to be the juiciest.
2. How much does it cost? Look at the prices carefully and think about the recipe usage (obviously, the taste of the meat when just grilling a steak is different than when making a glazed or marinated pot roast). You may be able to use a less expensive grade without much flavor difference.
3. Check out that nutritional panel! While marbling does make meat taste better - it also means the fat content is higher.
4. Ask the butcher! Whether you are buying your meat in an Albertson's, Whole Foods or Costco - most stores have on-staff butchers who do have extensive training and can make recommendations based on your recipe, budget and nutritional desires. Do not hesitate to ask questions - or ask for special cuts.

From now until September beef consumption rises - check out those ads to get the best buy - but remember to read the fine print to see which grade is on sale and then decide which is best for you.

Get more information and tips on Today Show on iVillage!

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More from Phil Lempert:

• Made in USA: Meat
• Has USDA got game?