An analysis featuring National Economic Council Director Brian Deese and published by The White House suggests that America’s large meat processors are using their market power to drive up meat prices and profits. Deese shared that meat prices are the biggest contributor to recent increased grocery costs, but those profits are not being passed along to farmers. The analysis reviewed earnings statements from Tyson Foods, JBS, National Beef Packing company and Seaboard Corp, showing a collective 120% jump in gross profits since the pandemic and a 500% increase in net income. The North American Meat Institute responded in a statement by saying the analysis is an attempt to blame the meat processors for record food inflation. The White House has noted they will continue to work on rising prices by clearing supply chain backlogs.

Read more on meat packer profits and rising consumer costs.

Read the full White House report here.