Alert: Meat Shortage

This is terrible.

Meat prices continue to skyrocket for the first quarter.

According to Axios, Tyson Foods found that the average cost of meat products rose by an astounding 17.6% in the quarter ending on April 2nd compared to the previous year.

Tyson’s beef products spiked by 23.8% while their chicken products spiked 14.4% and their pork meats jumped by 10.8%.

So what is causing these price spikes? Apparently, the reason behind these spikes can be attributed to the rising costs of labor and agricultural prices.

Tyson CFO Stewart Glendinning explained, “We saw continued inflation across the business, in some instances, up 25% or more. Notable examples were labor, feed ingredients, live cattle, lean hogs and freight costs.”