Chicken Prices Hit Record Highs as Inflation and Supply Issues Boost Grocers' Profits

Chicken prices at grocery stores have hit record highs as inflation leads consumers to choose chicken over pricier beef and pork.

Companies like Tyson Foods have cut back chicken production, further driving up prices and expected to boost earnings.

U.S. chicken consumption is forecast to exceed 100 lbs per person for the first time in 2022.

Wholesale chicken prices have rebounded after hitting a nearly 1-year low in February.

Tyson and others overestimated demand in late 2022, leaving excess inventory to sell at a discount, but reducing supplies now aids profitability.