Cyberattack on world’s largest meat producer expected to cause price increase

Consumer Watch

CHARLOTTE, N.C. (FOX 46 CHARLOTTE)- The next time you head to the grocery store, the price of protein might be a little higher.

Cyber hackers strike again; this time, on the world’s largest meat producer.

JBS is back up and running after being the target of an attack over the weekend. The shutdown impacted all nine beef plants in the US.

Dr. Brad Yeckley, UNCC Assistant Director for Financial Literacy expects prices of protein to go up.

“They’ve probably already realized that the prices of grocery store products are on the rise,” Yeckley said. “I think in the next week to two weeks, you’ll probably see a rise of at least a 5 to 6 percent increase of those prices because the inventory is just not going to be there.”

Even though JBS is back up and running, grocery stores like Publix are monitoring the supply closely. A rep tells FOX 46 they could see some shortages of chicken over the next few days, but they’re expecting minimal to no impact on beef, ground beef and pork.

The overall increased demand on fewer goods and services is causing prices of lumber, gas, and more to go up post-pandemic.

“So there’s this acceleration in economic activity and it’s causing the supply chain issues that everyone’s dealing with as best they can,” said Matthew Martin, Regional Executive at the Federal Reserve Bank of Richmond.

The current inflation rate of 4.2 percent is the highest it’s been since September 2008. That means the money in your savings account is worth less tomorrow than it is today.

“For inflation to continue to be at a high level, prices have to keep going up,” Martin said. “For the most part, it will be temporary, but I don’t know how long temporary is. Maybe for the rest of the year.”

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