Tyson Foods Cutting Prices on Some Beef Products

Some Experts Say US Could Face Meat Shortages Within Weeks

There's some good news for families who are struggling to keep food on their tables amid the coronavirus pandemic. Tyson Foods, one of the world's largest meat-processing companies, announced this week that they would be cutting prices on selected beef products amid the ongoing COVID-19 pandemic.

In a statement posted to the company's website, Tyson Foods announced that it would be cutting prices of some beef products it sells to grocery stores and restaurants by as much as 30% through the end of this week.

The move comes as the price of groceries recorded their highest one-month jump in nearly 50 years between March and April this year. According to the Department of Labor, the average grocery bill for U.S. residents went up by 2.6% in April - the largest price increase since February 1974. The higher prices were driven by a spike in meat, poultry, fish and egg prices, which saw price increases of as much as 4.3%.

"We're doing this because we want to help keep beef on family tables," Tyson CEO Noel White told The Wall Street Journal.

Consumers can expect to see prices slashed on chuck and round roasts, ground beef products, as well as meat trays, with some beef products discounted by as much as 20 to 30 percent.

The company is working to recover after several of its meat processing plants had to be shut down after outbreaks of the coronavirus, or staffing shortages brought on by the pandemic.

The discounts will be in effect for the rest of the week, Tyson Foods confirmed.

“The ongoing pandemic has disrupted the food system. It’s created challenges for our operations, many of our customers, and consumers,” reads a statement shared by Tyson Foods. “These are unprecedented times, and although they have been difficult, Tyson believes that the future is bright.”

The move will not only benefit consumers, it will also help ease congestion in the food supply chain brought on by the pandemic.

“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 wrote.

Photo: Getty Images

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