Tyson Foods is going to make its product more affordable during the coronavirus pandemic. After one of its factories experienced the pandemic first-hand, Tyson Foods says that it will be temporarily cutting its beef prices in order to “keep beef on family tables”.
The news comes at a time where grocery prices across the country have been spiking.
“The food at home index increased sharply in April, rising 2.6 percent…its largest monthly increase since February 1974,” the research state, via ABC-13 News.
Tyson explained the reasoning behind their decision.
“The ongoing pandemic has disrupted the food system. It’s created challenges for our operations, many of our customers and consumers,” a statement from Tyson Foods said. “These are unprecedented times and although they have been difficult, Tyson believes that the future is bright. We believe the move will also benefit other segments of the supply chain, including the cattle producers since the objective is to help maintain beef consumption as our plants return to more normal levels of production and work through the backlog of available cattle.
“This action is one of many that Tyson is taking to support its customers, consumers and communities during this unprecedented crisis.”
One of the fallouts from the coronavirus pandemic has been the spike in prices for essential goods like groceries. In fact, according to the latest numbers from the U.S. Bureau of Labor Statistics, grocery prices have reached a 50-year high.
Per the statistics, grocery prices have increased by 2.5 percent while other products like poultry, fish, meat, cereal, baked goods, and non-alcoholic beverages sale more significant increases. The biggest increase in price was for eggs which jumped a whopping 16 percent.