Chicken lovers are in for a nasty surprise, with a new price hike set to hit Australia.
Ingham’s, the largest poultry producer in Australia, has warned its consumers of price hikes after a plunge in the company’s share price.
The price increases come as a blow to consumers who are already feeling the pinch from rising living costs. Inflation in Australia is currently at its highest level in three years and is expected to rise further in the months ahead.
The price hike is also likely to cause problems for the restaurant industry, which is already struggling with rising costs. Many restaurants use chicken as a key ingredient in their dishes, and the price increase will put pressure on margins.
The hike in chicken prices will surely pinch the nugget lovers as well, as the favourite meat is set to soar across the country.
Though chicken is the cheapest meat on the market, its price will continue to soar in the coming months.
“The poultry prices will begin to rise from this week nationwide and will continue to surge for the next 12 months,” an Ingram’s spokesperson said.
As per the Australian, Ingham’s cost of feeding piled up more than $45 million last financial year due to numerous factors.
The price hiked as a result of the severe drought earlier this year in South Australia and Western Australia. The drought has led to a shortage of feed grains, which has pushed up the cost of feed for livestock.
The cost of labor and energy has also risen, as a result of the drought. The price of water has tripled in some parts of Australia, as farmers have been forced to truck in water for their livestock.
The price hike is likely to cause hardship for many families who are already struggling to make ends meet. The rising cost of food is putting pressure on already stretched.
With food prices on the rise, many families are being forced to cut back on their spending. This is likely to lead to a slowdown in consumer spending, which will further impact the economy.
