Tyson Foods will reduce prices on some beef products this week, as grocery store prices soar

Tyson Foods will be discounting prices on certain products for the remainder of this week.The price reductions will vary, but Tyson (TSN) told CNN some beef items sold to grocery stores, restaurants and other customers could be discounted by 20% to 30% through Saturday. "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," said Gary Mickelson, the company's senior director of public relations. Tyson's announcement comes as American grocery store price tags are soaring. Overall, the price of groceries grew 2.6%, including seasonal adjustments, in April. That was the biggest increase from one month to the next since 1974, according to the Bureau of Labor Statistics. Prices at the supermarket have been rising sharply because coronavirus has disrupted the food supply chain: When restaurants shut down, Americans started cooking at home, and demand for groceries shot up. But food producers and farmers didn't have the ability to quickly shift their food deliveries to grocery stores...MORE