Australians are being warned to brace for another price hike with the cost of our favorite meat poised to skyrocket.
The country’s largest chicken producer, Ingham’s, raised its prices after a major drop in the company’s shares.
The retail giant warned on Friday that it would be forced to pass on the pocketbook pain to its shoppers, which include supermarkets, butchers, pubs and fast-food chains.
Chicken lovers should expect the price pain to be applied by hand, which means the beloved nugget of gold may be stealing more of your loose change down the road.
While Australian chooks are traditionally the cheapest meat on the market, Ingham’s says poultry prices will start to rise from this week and will continue to do so for the next 12 months.
Due to a variety of global factors, Ingham’s cost of feeding his herd grew by more than $45 million last fiscal year, the Australian reported.
Wheat supply disruptions caused by the war in Ukraine, labor shortages, flooding in South Australia and Western Australia, and rising wheat and soybean meal prices have created higher costs. high chicken feed.
Australians are already feeling the pressure at the supermarket checkout, with research showing Australian shoppers are paying almost 7 per cent more at Coles and Woolworths for some of their favorite items.
Red meat eaters are feeling the pressure more than most with the price of beef rising 14.60 percent, while fruit and vegetable prices are up 12.97 percent compared to last year’s figures.
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