Tyson Raises Meat And Poultry Prices As Inflation Continues

Tyson Foods — the second-largest meat and poultry producer in the United States — is struggling to keep up with inflation.

In the company’s third-quarter earnings call, CEO Donnie King told investors that the company has “seen accelerating and unprecedented inflation” threatening all of its business units. 

Fox Business explains:

The Springdale, Arkansas-based food products company last quarter hiked its average price for pork by 39%. Beef and chicken prices jumped by 12% and 16%, respectively.

Tyson is planning to raise retail prices on Sept. 5 after already having increased prices for restaurant customers. While grain costs and the cost of goods sold are projected to peak in the fourth quarter of this year, the company cannot rule out further price increases, according to King. 

The firm’s $12.48 billion revenue greatly surpassed analysts’ prediction of $11.49 billion — a reality driven by higher prices for consumers.