Poultry prices have outpaced inflation
in Egypt, Mr Biden pardoned the two Thanksgiving turkeys in an annual ceremony that has been a tradition since Ronald Reagan’s days in office. The spared specimens are sent to farms or universities, where they are left in peace for the rest of their natural lives.. Food prices have risen sharply since Russia’s invasion of Ukraine earlier this year. In October food inflation reached 11% compared with a year earlier, the highest rate since 1981.
The price spike is the result of an aggressive strain of avian influenza, which has caused a drop in turkey supply. And swapping the turkey for a smaller bird on the Thanksgiving table would not help, as all poultry breeds have been affected. Some 50m birds have been either killed by the virus or pre-emptively culled. The worst outbreak is in Iowa, where around 15.5m birds have been affected .
That may come back to bite them. This year’s lowest wholesale price for turkey—$1.39 per pound —recorded in January, was nonetheless “the highest seasonal number ever recorded”, says Russ Whitman of Urner Barry, a research outfit tracking the poultry market. The firm says that frozen-wholesale turkeys currently cost around $1.85 per pound, another record high: last year businesses paid just $1.43. They will be passing on some of that additional cost to consumers.
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