Chicken prices to rise in the US
Food inflation is expected in the US as prices of chicken and pork will go up over the next couple of months, Associated Press reports.
Overall food inflation could double this year, initially lifted by the rising costs of fuel, corn and soybeans, some analysts predict.
Food inflation hit 4% in 2007, up from 2.4% in 2006. While beef prices were already high, chicken and pork prices didn’t reflect record costs for feed and fuel. That is about to change as chicken and pig producers who have been losing money slaughter more animals to decrease the supply and raise the prices they can charge.
According to Pilgrim’s Pride CEO Clint Rivers, American consumers are only just beginning to feel the impact of sharply higher food prices.
Tyson Foods, the world’s biggest meat producer, forecasts that its expenses will rise $1 bln this year, including $600 mln for corn and soybean meal and $100 mln on grain. The balance will come from higher prices for cooking oil, breading and fuel costs, the company said. The company recently reported a $5 mln second-quarter loss and withdrew its earnings outlook, saying feed prices were too volatile.
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