Tyson Foods Inc. will be reducing prices on certain products for the remainder of the week, according to The Wall Street Journal. This comes after surging meat prices and shortages at some retail shops in the first half of May.
The Arkansas company, which processes about 25% of the nation's beef, will discount prices of ground beef, roasts, and other beef products by as much as 30% through Saturday. Price reductions will be given to restaurants, grocery stores, and other customers for a limited time.
Noel White, Tyson's chief executive, said the reduction in price on specific products is a move to keep beef affordable. This comes at a time when prices have soared due to production woes seen at processing plants across the country. He said discounting prices will help "preserve consumer demand" as processing plants come back online after some were shuttered for virus containment purposes.