A huge poultry and meat processing company in Northwest Arkansas is increasing its prices because of the drought, and this reality will affect your grocery budget.
Tyson Foods, Inc. released their fiscal 2012 results Monday. According to the report, sales for the company are up but their net income is down. Worth Sparkman, Public Relations manager for Tyson Foods, said the decrease in income is largely because the dry weather is increasing the cost of feed and animals.
"There are other poultry processors here in Northwest Arkansas and all across the south that are being affected as well."
And this dry weather will not just affect the green in your garden. Sparkman said it will impact the green in your wallet.
"Corn and soybean prices have gone up, largely because of the drought... That will eventually affect consumer and customer prices of food."
According to the U.S. Department of Agriculture, there will be a to a 2.5 to 5% price increase for things like chicken, pork and beef.
"We think that it may be a little bit higher than that, but we'll have to wail until next year to see."
To put things in perspective, if you currently spend $30 dollars a week on meat and poultry, with a 5% increase, you can expect to pay $31.50 a week.
"They should just be aware and maybe plan accordingly."
Sparkman said folks will see a difference at the register within the next year.
"This was just an unusual summer... We're educating our customers and they will in turn try and educate their customers."
So while dealing with the current drought, Sparkman said Tyson Foods will be trying to keep as many dollar bills in your pocket as possible.
"We can stick to our strategy and that's to keep an eye on cost and to do the best we can for our customers."
Tyson Foods, Inc. released their fiscal 2012 results Monday. According to the report, sales for the company are up but their net income is down. Worth Sparkman, Public Relations manager for Tyson Foods, said the decrease in income is largely because the dry weather is increasing the cost of feed and animals.
"There are other poultry processors here in Northwest Arkansas and all across the south that are being affected as well."
And this dry weather will not just affect the green in your garden. Sparkman said it will impact the green in your wallet.
"Corn and soybean prices have gone up, largely because of the drought... That will eventually affect consumer and customer prices of food."
According to the U.S. Department of Agriculture, there will be a to a 2.5 to 5% price increase for things like chicken, pork and beef.
"We think that it may be a little bit higher than that, but we'll have to wail until next year to see."
To put things in perspective, if you currently spend $30 dollars a week on meat and poultry, with a 5% increase, you can expect to pay $31.50 a week.
"They should just be aware and maybe plan accordingly."
Sparkman said folks will see a difference at the register within the next year.
"This was just an unusual summer... We're educating our customers and they will in turn try and educate their customers."
So while dealing with the current drought, Sparkman said Tyson Foods will be trying to keep as many dollar bills in your pocket as possible.
"We can stick to our strategy and that's to keep an eye on cost and to do the best we can for our customers."
