Meat Institute says White House confused by ag economics over food inflation
The White House and the North American Meat Institute are blaming each other for rising food prices.
Earlier this week, the White House said the rising meat prices are caused by the nation’s largest meat packers controlling the sector and not from supply and demand issues.
The White House says gross margins for Tyson, JBS, Marfrig and Seaboard are up 50 percent and net margins are up over 300 percent since the start of the coronavirus pandemic.
The North American Meat Institute says the White House has “cherry picked” information and it is “misleading” because beef, pork and poultry have separate market fundamentals, which don’t include input cost, supply chain issues and labor shortages.
NAMI says blaming the largest processors for inflation is unfair because price hikes aren’t limited to food but other sectors across the country.
NAMI declined Brownfield’s request for an interview.