October 5, 2023 9:10am EDT
Chicken prices hit record highs under Biden administration as US inflation keep beef, pork out of reach
US consumption of chicken is expected to exceed 100 pounds per person this year for the first time ever
By Lawrence Richard FOXBusiness
Chicken prices at grocery stores across the country have hit record highs, and prices are expected to remain high as inflation-weary shoppers have opted to buy chicken over still-pricier beef and pork alternatives.
Tyson Foods and other companies have also dialed back poultry production, further driving up prices. The higher chicken prices should improve earnings at top producers Tyson and Pilgrim's Pride ahead of the holiday season.
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.
On the other side of the protein profits, beef consumption is forecast to drop to its lowest since 2018, amid dwindling cattle supplies. Pork consumption is at its lowest since 2015.
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https://www.foxbusiness.com/markets/chicken-prices-hit-record-highs-biden-administration-us-inflation-keep-beef-pork-reach