Why The Price Of Chicken Could Soon Increase

If you live in the United Kingdom, your next purchase of a KFC bucket or Nando's peri-peri chicken meal might soon cause a bigger dent in your wallet. According to the Daily Mail, cheap chicken seems to have been taken off the menu. With rising feed and transportation costs causing poultry companies to raise their prices, consumers are finding that chicken could soon "become as expensive as beef," both at restaurants and in grocery stores. 

Even though The Guardian reported that U.K. consumers "were warned" last year that increased poultry prices were coming due to increased production costs, it doesn't necessarily soften the blow of a higher grocery bill. Since this time last year, inflation and the war between Russia and Ukraine have played a role heightening food prices all over the world, according to the International Food Policy Research Institute. Amid disruptions in the global wheat, sunflower oil, and soy supply, which are key ingredients in chicken feed, chicken prices in the U.K. have increased by 12% in the last year. For many families who rely on chicken as a cheap and satisfying protein, that affordable Sunday roast might have flown the coop.

Customers will have to contend with higher prices for the foreseeable future

As anyone who has been grocery shopping lately may know, rising food costs aren't limited to chicken in the U.K. The USDA's April Food Price Outlook report shared that "food-at-home" prices are predicted to increase by up to 6% this year. While restaurant prices are expected to rise more drastically, it will still be more difficult for consumers to save money by dining in. The positive news is that fresh vegetables are seeing the least rise in cost, which could have some people embracing a flexitarian or plant-based lifestyle because it is cheaper. From spring of 2021 to now, for example, bacon has become 17% more expensive, while the cost of a pound of potatoes has only risen by 3% (via CNBC). As for whole chickens, U.S. shoppers are currently paying more than 5% more than they were last year, per the Bureau of Labor Statistics.

With higher prices expected to affect consumers' wallets for the remainder of the year, people may be seeking methods to maximize their spending dollars. Ways to save money at the grocery store, according to a shopping expert, include tracking coupons, discounts, and cashback offers; using a credit card that offers grocery incentives; and becoming a member of a warehouse store.