Tyson Foods, one of the largest meat-processing companies in the world, said the firm will cut prices on some beef products amid the CCP virus pandemic.
The move comes as some grocery stores across the country increase prices on meat.
In the statement, the firm added that the decision would benefit people working in the supply chain and cattle industry as well as consumers.
“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,” Tyson Foods stated.
“This action is one of many that Tyson is taking to support its customers, consumers, and communities during this unprecedented crisis.”
It prompted the company’s chairman, John H. Tyson, to take out ads in several newspapers before warning that the supply chain might break.
“There will be limited supply of our products available in grocery stores until we are able to reopen our facilities that are currently closed,” Tyson wrote in April.
“The index for meats, poultry, fish, and eggs increased the most, rising 4.3 percent as the index for eggs increased 16.1 percent. The index for cereals and bakery products rose 2.9 percent in April, its largest monthly increase ever. The index for nonalcoholic beverages also rose 2.9 percent in April, its fourth consecutive increase. The indexes for dairy and related products and for fruits and vegetables both increased 1.5 percent in April,” according to the agency in a report.
“For the most part, it’s supply and demand issues here, at play,” Ortega told the news outlet. “What we’re seeing here is economic forces at play, but also the resiliency of our food system to be able to provide food at a reasonable price.”