Washington D.C. – As President Biden prepares to speak today on his plan to fight inflation and lower costs for working families, Accountable.US found that Tyson Foods reported an over $1 billion increase in net income for the first six months of its 2022 fiscal year for a total of $1.95 billion — all after its nearly 28% increase in beef prices. The company also spent a staggering $523 million in stock buybacks and $328 million in dividends over the same period.
The news comes as reporting reveals that in April, Tyson Foods received a subpoena from the New York Attorney General’s Bureau Of Consumer Frauds & Protection “‘seeking information regarding [its] sales, prices and production costs.”
From alleged price-fixer Tyson Foods to Big Oil at the gas pump, massive corporations pretend they have no choice but to inflate prices yet keep bragging about record profits to their executives and stakeholders. Time and time again, we’ve seen industries hide behind the pandemic to charge sky-high prices on everyday essentials while working families struggle to make ends meet. Despite what companies want their customers to believe, they do have a choice, and they choose to pad their bottom line and enrich a small group of investors at the expense of their consumers.”
Kyle Herrig, president of Accountable.US
For months, the government watchdog group has extensively documented how companies across a broad spectrum of industries — including major oil and gas, retail, and shipping — have used the pandemic as an excuse to raise prices on consumers while racking up record profits.
KEY RESOURCES FROM ACCOUNTABLE.US: