(FeaturedNews.com) – The price of chicken has surged across the United States with record high prices affecting many American shoppers. However, chicken remains a cheaper option than pork and beef.
Many companies, including Tyson Foods, have reduced their poultry production in recent months which has led to an even further increase in the prices of chicken. This move is going to help boost the earnings of the industry’s top producers including Pilgrim’s Pride and Tyson over the holiday season.
The U.S. Department of Agriculture data has shown that consumption of chicken is going to reach a new record high this year by exceeding 100 pounds per person. However, consumption of other proteins such as beef and pork has been significantly reduced. In fact, beef consumption levels will reach its lowest level since 2018 while pork consumption will be at its lowest since 2015. This has also in part been driven by the reduction in cattle supplies.
In August, the U.S. Department of Agriculture data showed that the retail price for bone-in legs and whole fresh chickens had reached a new high, while the price for drumsticks had increased by 10 percent. Wholesale prices also appear to have followed a similar direction.
One index has now shown that customers are required to pay more for the same supply, while producers have reached their highest profit margins in a year. Producers have also cut down on production which has helped drive up the prices while also scaling production down from the 2022 levels.
Copyright 2023, FeaturedNews.com