Tyson Foods CEO Donnie King discusses the company’s latest investments and high food prices impacting the consumer. #FOXBusiness
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Food inflation has been a hot topic in recent times as consumers experience higher prices for basic food items like meat, dairy, and vegetables. The pandemic has definitely contributed to supply chain disruptions, but is that the only factor driving food inflation? The CEO of Tyson Foods, the world’s second-largest meat processor, Tom Hayes, recently shared his perspective on the matter.
According to Hayes, there are three primary factors that are driving food inflation – labor shortages, transportation costs, and commodities prices. The labor shortages are a result of the pandemic, with workers falling ill and being unable to work. This has resulted in a decrease in the number of workers available to harvest, process, and transport food. As a result, many businesses in the food industry are struggling to keep up with demand and have had to increase prices to offset the costs of hiring additional workers or paying employees overtime.
Transportation costs have also skyrocketed during the pandemic. The cost of shipping containers and trucking has increased, with many shipping companies struggling to keep up with demand due to the labor shortages mentioned earlier. This has resulted in longer shipping times and higher costs to transport goods. These costs are passed on to consumers in the form of higher prices for food products.
Lastly, commodities prices have increased. With many countries experiencing extreme weather conditions, there have been supply shocks and decreased agricultural yields. This has caused the prices of vegetables, fruits, and grains to increase substantially. In addition, there have been disruptions in the production of animal feed due to droughts, which has led to higher prices for meat products.
Hayes believes that while inflation is currently a problem, it is likely to only be temporary. The effects of the pandemic are beginning to subside, and as more workers return to work and supply chain issues resolve, food prices are likely to stabilize. However, consumers may have to get used to paying higher prices for food in the short term until these issues are fully resolved.
In conclusion, food inflation is a multifactorial problem that is a result of the pandemic, supply chain disruptions, and weather-related factors. While it is currently causing headaches for consumers, Hayes believes that it is a temporary problem that should resolve in the coming months. Until then, consumers will have to deal with higher prices for basic food items like meat, dairy, and vegetables.
Tyson discovers they sell chicken not gold. Lol
Chicken is worth 29 cents a lbs not 29 dollars.
Great interview
Average American is spending $75 a mont on food. That a lie.
Hes corrupt if he's in davoz
It's all part of a well designed plan that has happened while everyone has been sleeping on these issues
Tyson needs to go to China and stay there. Discgusting company! Screw Tyson. He’s blowing China as we speak
I avoid Tyson at all cost!
Why is he in Davos ?
This man is not stupid and does not lack for how to answer a question. You can tell by the way he talks, he is lying through his teeth. Even the reporter can't ask the right questions because she doesn't want to embarrass him by putting him on the hot seat !
All of these people are bought and paid for, like actors in a theatrical production. All show, no truth.
Yes, of course things aren't really that bad. Our company is growing irregardless, profits are fantastic. What's the problem, we think our products are fairly priced and highly affordable
No we are NOT embracing High inflation.
Regarding inflation let me say ONE word. BIDEN!!!!!!!!!
Why are you in Davos covering these delusional authoritarians?
The consumers are partially responsible for this, because they buy luxuries they don't need. Take a gander in the average woman's shopping cart, full of blueberries and ice cream and twelve different kinds of cookies. We don't need that stuff. You don't NEED orange juice. You don't NEED eggs. You don't NEED deli meats. Yet consumers still go apeshit over them. Want food prices to drop? Stop buying things you don't need!
Davos, a subsidiary of the Vatican.
Sounds like an ad lol
What happens when the majority of people can no longer afford to work because working 40 hrs a week and not being able to afford food is not going to sustain for very long
Who do these people think they are ? You will do as we say. It is time to get the torches and pitchforks and Strom the castle.
Why is the CEO of Tyson in Davos? Is there a shortage of chicken or just eggs? Is the WEF negotiating with Tyson to sell to China like Swift pork or to decrease production on a schedule to be eliminated in favor of synthetic meats or insect-based? How much would it take for Tyson to allow their company to be phased out?