Tyson Foods Inc., the largest meat company by sales in the United States, has reported a jump in revenue after increasing prices for its products, citing supply chain issues, soaring costs, and 30-year-high inflation.
Based in Springdale, Arkansas, Tyson company executives said that chicken prices went up by 19 percent during the fiscal fourth quarter, while the cost of beef and pork rose by 33 percent and 38 percent respectively. The cost of cattle has increased by one-fifth compared to the same time last year, while logistical costs have gone up by 30 percent along with significant raises in ingredient and packaging materials. Poor weather conditions have contributed to driving up grain prices.
