Restaurant chains such as KFC, Wingstop and Buffalo Wild Wings have been forced to pay top dollar for the chicken is short to supply, the Wall Street Journal reported.
It is reported that since January, wholesale price of chicken breast have more than doubled, the price of chicken wings has also recently set a historical high record.Caused by one of the reasons is that since the economy reopened after COVID-19,it has appeared a Labour shortage, chicken suppliers can’t recruit enough workers.
The Wall Street Journal cited data from research firm Urner Barry,According to Barry’s data, the wholesale price of a large boneless and skinless chicken breast was less than $1 per pound at the beginning of 2021, and today it is more than $2 per pound.
By early 2020, the price of oversized chicken wings was $1.5 per pound,by early 2021,it had risen to about $2 per pound. Now, the price has risen to around $3 per pound.
Some major restaurants have reported that they have sold out of their stock of chicken fillet, breast meat and wings, or are selling them in limited quantities, Charlie Morrison, chief executive of Wingstop, said the company’s price for bone-in wings is up 26% this year.
In addition to the chicken production amount was reducing, another factor driving up prices is fierce competition from chains restaurant for chicken sandwiches. Popeyes, Wendy’s and McDonald’s have all recently launched chicken sandwiches, and other restaurants plan to follow suit in the coming months.
Supermarket consumers have also experienced price increases. In March, the retailed price of boneless chicken breasts is about $3.29 per pound, up 3 cents from January and up 11% in the same period of last year, according to the Bureau of Labor Statistics.
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Post time: May-15-2021