The Wall Street Journal and CNN reported Wednesday that Tyson Foods is slashing prices on some of its beef products sold to grocers, restaurants and other customers by as much as 30 percent through Saturday, May 16.
The price cuts will vary, though they include ground beef, chuck and round roasts.
The reports quote Tyson's public relations senior director, Gary Mickelson, saying, "We’re doing this because we want to help keep beef on family tables across our nation, especially as our beef plants return from reduced levels of production."
The news came after a report released Tuesday from the US Bureau of Labor Statistics showed that overall prices of groceries jumped a seasonally-adjusted 2.6 percent in April ê the largest one-month increase since 1974. The price of meats, poultry, fish and eggs increased an overall 4.3 percent, including jumps of 3.7 percent for beef and veal, 3.0 percent for pork, 4.7 percent for poultry and 3.3 percent for fish and seafood.