Beef prices went crazy a week ago when they reached astronomical prices of more than $100 per kg and they continue to rise. Now chicken prices are in hot pursuit frantic customers seem to be buying it in boatloads.
A week ago 2KG of chicken, regardless of the brand, was selling for around or just below the $60 mark. This week the same packs are now selling north of the $80 mark. The cheapest shop seems to be TM Pick N Pay which was probably selling some leftover stock at last week’s prices.
Customers also seem to be stocking up on chicken as they fear the prices might go bonkers like those of beef. We saw one couple put more than twenty full Irvine Blue chickens into their trolly. They confessed they were worried the price might change again soon.
This was an extreme case but they were hardly the only ones. In all the shops that we visited we a more than a usual number of customers with several packets of chicken at the point of sale terminals.
Meanwhile, the chicken freezers that are normally full were visibly low in all shops. TM Market Square had barely any chicken. OK, First Street was running low too but as we were leaving we saw merchandisers with sackfuls of chicken attending to the emergency.
Beef prices are making people turn to chicken
Beef prices are making people to chicken probably. However, the increased demand means that chicken prices will continue to go up too until a new equilibrium price is reached. The fact that people think prices will go up and start to stock up might actually be contributing to prices going up- a self-fulfilling prophecy.