May 9, 2022 - Economy & Business
Tyson Foods reports soaring meat prices as inflation continues
Meat prices continued to skyrocket in the first quarter.
Driving the news: Tyson Foods reported Monday that the average price of its products rose 17.6% in the quarter ended April 2, compared with a year earlier.
- The price of Tyson beef was up 23.8%, while chicken rose 14.4% and pork jumped 10.8%.
The big picture: The cost of labor and agricultural prices continue to fuel the spike.
- "We saw continued inflation across the business, in some instances, up 25% or more," Tyson CFO Stewart Glendinning said Monday on a conference call. "Notable examples were labor, feed ingredients, live cattle, lean hogs and freight costs."
What's next: The Labor Department will report April's inflation data for the U.S. economy on Wednesday.