This is more expensive and why CNN Business writers say.
Chicken in short supply caused the price to rise. Part of the blame goes to Tyson’s chatter.
The meat processor, which sells poultry along with beef and pork, said its chicken intake was low because the chickens used for breeding did not meet expectations.
“We are replacing men, who are pretty straightforward, we made the wrong decision,” said Donnie King, Tyson Chief Operating Officer and Group President of Poultry, during an analyst call this week.
Food was generally more expensive, too: Prices were up 0.4% in April, as both grocery and restaurant prices went up. Year on year, food prices increased 2.4%.
The panic purchase threatens to exacerbate the supply shock. U.S. gasoline demand surged 14 percent on Tuesday compared to the previous week, according to GasBuddy, an app that tracks fuel prices and demand.
In 99% of the metro area tracked by the National Association of Realtors, prices in the first quarter of 2021 were up from the same period last year, according to the domestic NAR report.The median sales prices for existing homes were up 16% from the quarter. The first of 2020 was $ 319,200, both of which hit record highs since NAR began tracking quarterly city data in 1989.
Nearly 90% of the metropolitan area saw double-digit percentage prices increase last year. By comparison, only 25% of the area saw such growth in the first quarter of 2020 when housing inventory was at a healthy level and more in line with monthly demand.
As a pandemic devastated the U.S. economy last spring, sawmills shut down timber production to support the housing slump. The slump never arrived, and now there isn’t enough wood to feed the sweltering housing market.
Random long timber futures hit a record high of $ 1,615 last week, a seven-fold increase from the low in early April 2020.That’s a big deal because wood is the most important supply that homebuilders buy. The price dropped to $ 1,533 on Wednesday.
Used cars and trucks
What’s even worse is that auto dealerships only have a fraction of the vehicles they usually have both new and used cars. That sends a price to a record high. For example, the average new car price was $ 37,200 in the first quarter, according to JD Power, an 8.4 percent increase from the same period a year ago.
“That keeps wholesale prices for second hand at the highest level ever,” said David Paris of JD Power, “and we’re seeing second-hand retail prices accelerate.”
– CNN’s Anna Bahney Business, Matt Egan Chris Isidore, Anneken Tappe and Danielle Wiener-Bronner. Contribute to this report