Tyson Foods grappling with 'unprecedented inflation'

www.foxbusiness.com
2 min read
fairly easy
Tyson Foods Inc. is struggling to raise prices fast enough to keep up with higher costs, CEO Donnie King said on Monday.
The Springdale, Arkansas-based food products company last quarter hiked its average price for pork by 39%. Beef and chicken prices jumped by 12% and 16%, respectively.

The price increases come as Tyson, like many other companies, grapples with higher raw material costs, global supply chain challenges and a rebound in demand.

Ticker Security Last Change Change % TSN TYSON FOODS, INC. 77.30 +6.18 +8.69%

"We have seen accelerating and unprecedented inflation," King said on the company's third-quarter earnings call. "Inflation is up about 14% during our 3Q [third quarter] and 9% year-to-date."

Pricing pressures have hit all segments of…
Jonathan Garber
Read full article