It appears that Americans watching the rising cost of groceries will have to limit their purchases of animal protein, after it has doubled in price over the past year, according to CBS News.
Since October 2020, the prices of meat, poultry and fish have increased by almost 12%, according to the government's consumer price index, with employment data showing beef prices rising even more, rising more than 20% over the past year, while the price of chicken increased by 7.5% and beef The pig increased by 14%, under the influence of inflation in the country.
Since early 2020, before the coronavirus pandemic, beef, pork and chicken prices have risen 26%, 19% and 15%, respectively, according to EconoFact, a nonpartisan publication covering economic affairs.
“The increases in meat prices were initially the result of supply disruptions when packing plants closed due to the pandemic,” Jason Lussac, an agricultural economist at Purdue University, wrote in a post on the EconoFact website. Additional costs from socially distanced workers and the addition of personal protective equipment.
It might be easier for me to tell you what, CEO Donny King, at Tyson Foods, which accounts for roughly 20% of U.S. meat production, is raising prices because it pays more for grain, feed, labor, transportation, storage, packaging and ingredients. It is the component that did not experience inflation in the last year.”
King said the company protects its bottom line and incurs higher costs to consumers, raising prices 13% for the fiscal year and 24% in the fourth quarter.
Stewart Glendening, the company's chief financial officer, said Tyson Foods' revenue rose 20% in the fourth quarter, mostly due to its price increases, while sales fell 4%, largely because factories were not fully staffed.
Americans who buy beef saw prices rise by about 33% over the last quarter, and during the same period Tyson Foods' pork and chicken prices rose 38% and 19%, respectively. This helped boost Tyson's revenue 12% to $12.8 billion during During the three-month period, its earnings more than doubled to nearly $1.4 billion from the previous quarter.
Inflation is not only seen in groceries when buying beef and chicken, as Americans are also paying more for car fuel, heating, clothes, rent and many other things, with demand increasing even with a labor shortage and other disruptions caused by the Corona pandemic.
The situation is proving difficult this Thanksgiving for many Americans, who may not be able to afford to eat a holiday focused on a meat-base
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