The company accounts for about a fifth of these products manufactured in the United States.
Meat processing company Tyson Food reported a significant increase in prices for its beef, pork, and chicken.
The company attributed the price increase to rising costs, which, according to it, are likely to continue.
The Arkansas meat giant raised prices for all major categories of goods, as, according to the company’s management, the cost of livestock increased by 20 percent by the end of the third quarter on an annualized basis.
Logistics costs increased by 30 percent. The company has also started paying more for ingredients and packaging materials.
Tyson Food produces about a fifth of all chicken, beef, and pork in the United States.
The company said its average beef prices have increased by almost a third compared to last year, pork has risen by 38 percent, and chicken by about 19 percent.
“The inflation we are facing has to be passed on,” said Stewart Glendinning, the company’s chief financial officer. “Part of the inflation for us was significant.”