Thanksgiving alert: Elevated turkey costs on the horizon? Keep an eye on potential labor shortages. In October, the consumer price index for poultry saw a +7% year-over-year increase, while producer prices for turkeys plummeted by nearly -40%. Surprisingly, American farmers are reducing turkey prices due to a surplus in supply, even during the Thanksgiving surge. This paradox can be attributed to a constrained labor market within the meatpacking industry.
Learn more here: https://www.allianz.com/en/economic_research/publications/specials_fmo/2023_11_23-food-industry.html
