LOS ANGELES - Tyson Foods Inc. is struggling to raise prices fast enough to keep up with higher costs, CEO Donnie King said on Monday.
The Springdale, Arkansas-based food products company last quarter hiked its average price for pork by 39%. Beef and chicken prices jumped by 12% and 16%, respectively.
The price increases come as Tyson, like many other companies, grapples with higher raw material costs, global supply chain challenges and a rebound in demand. "We have seen accelerating and unprecedented inflation," King said on the company’s third-quarter earnings call.