Chicken prices at U.S. grocery stores have hit record highs and should stay elevated as Tyson Foods and other companies dial back poultry production to boost margins while inflation-weary shoppers buy chicken instead of beef and pork.
Higher chicken prices should improve earnings at top producers Tyson (TSN.N) and Pilgrim’s Pride (PPC.O), but will pinch consumers’ pockets as they try to save money by turning away from higher-end proteins. One index shows chicken producer profit margins at their highest in a year.
U.S. consumption of chicken is expected to exceed 100 pounds per person this year for the first time ever, data from the U.S. Department of Agriculture shows.
Beef consumption is forecast to drop to its lowest since 2018, as prices climb due to dwindling cattle supplies. Meanwhile, consumer spending cuts have knocked pork consumption to the lowest since 2015.
Arkansas-based Tyson, which sells all three types of meat, had to deal with a glut of chicken after earning massive profits when meat prices soared during the COVID-19 pandemic.
Now seems like a perfect time to squeeze the pennies out of the lower class, according to Tyson.
Also, Tyson meat is all trash anyway. Too bad other companies are participating. Isn’t this close to price fixing or something?
Somebody has to reset the Days Since We Fixed Prices clock at Tyson again.
https://www.foxbusiness.com/markets/tyson-foods-reaches-more-settlements-in-chicken-price-fixing-litigation
Lol, that was only several years ago. But they were fined a pittance? Why would they continue to commit the same crimes when it’s wildly profitable?
It’s not a fine, it’s just a cost of doing business.
The only way to make them stop is to hurt their profits, but our corptocracy is too spineless to levy proper fines against businesses.
Or we could start tar and feathering boards of directors. We could even use chicken feathers!
Oligarchy is the word you’re trying for.
Not only are their fines small, but they also implicate others in their schemes that have to pay higher fines, so they also are able to prove the competition they conspire with out of the market