Chicken nugget lovers are being warned ahead of a new price hike

Chicken lovers will be forking out more for their roasts, nuggets and burgers as yet another price hike sets in.

Chicken prices are set to soar after Australia’s largest chicken producer experienced a 10 per cent drop in its share price. Picture: Alan Benson

Australians are being warned to brace for yet another price hike with the cost of our favourite meat set to soar.

The nation’s largest chicken producer, Ingham’s, has bumped up its prices after a major drop in the company’s shares.

The retail giant warned on Friday that it would be forced to pass on the hip-pocket pain to its buyers which include supermarkets, butchers, pubs and fast food chains.

Aussies should expect to have to fork out some extra coin for a parma in the coming months. Picture: David Swift

Chicken lovers should expect the price pain to be handballed on, meaning the beloved golden nugget may be pinching more of your loose change at the drive through.

While Australian chooks are traditionally the cheapest meat on the market, Ingham’s says poultry prices will begin to rise from this week and will continue to do so for the next 12 months.

Due to a range of global factors, Ingham’s cost of feeding its flock grew more than $45 million last financial year, the Australian reported.

The price hike is partly due to global factors affecting the price and production of chicken feed. Picture: Glenn Campbell

Disruptions to wheat supplies caused by the war in Ukraine, labour shortages, floods in South Australia and Western Australia, and rising wheat and soymeal prices have all created higher chicken feed costs.

Aussies are already feeling the pressure at the supermarket checkout, with research revealing Australian shoppers are paying almost 7 per cent more at Coles and Woolworths for some of their favourite items.

Red meat eaters are feeling the pinch more than most with the price of beef rising by 14.60 per cent, while prices for fruit and vegetables increased 12.97 per cent on last year’s figures.

Originally published as Chicken nugget lovers are being warned ahead of a new price hike