WASHINGTON – U.S. consumers may try to save money by eating less meat if they continue to feel the pinch of high gasoline prices, the chief executive of Tyson Foods said on Friday.
"People want meat… but it's getting pretty expensive," CEO Donnie Smith told reporters at an agricultural conference in Washington D.C. "We're concerned that there are going to be thresholds, depending on disposable income, where that demand kind of tops out."
Rising fuel prices are the latest concern for consumers, who have already been facing high prices for beef due to a drought that reduced cattle herds in the southern U.S. Plains last year. High prices for corn, used to feed livestock, helped drive up beef prices.
To read the rest of the story, please go to: Reuters
