Escalating meat prices haven’t slowed restaurant and retailer demand for meat,
Tyson Foods Inc.
executives said, as rising prices helped to more than double the company’s quarterly profit.
Tyson, the biggest U.S. meat processor by sales, said that orders for beef, chicken and pork continue to outpace its ability to supply products, with its plants still short on workers. Raising wages and expanding benefits to recruit and retain staff is helping drive meat prices higher, Tyson said, along with transportation and other costs.
Over the three months ended Jan. 1, Tyson said its average beef prices rose by nearly one-third compared with the same period a year earlier, while pork prices increased by 13% and chicken by about 20%.
“We’re seeing inflation across our supply chain,” Chief Executive…
