Football fans can take a collective deep breath if their biggest worry going into this season was if they could afford the current price of chicken wings to nosh on during the game.
Now, the prices are falling.
The U.S. Department of Agriculture shared in a report last week that chicken wing prices are now less than they were when the COVID-19 pandemic started.
The wings had hit an all-time high in May 2021 when the average price was $3.25 a pound. That number fell to $2.68 a pound in January 2022 and has continued to fall since then.
Per the report, the average price for a pound of chicken wings in July was $1.68, the lowest monthly average since May 2020.
Why? It's the age-old rules of supply and demand. The USDA reported that the number of wings currently in cold storage was the highest it had been at the end of June since 2018. With the pandemic forcing many into their homes, bone-in chicken wings quickly became a hot commodity as they were purchased more than ever before.
This, in turn, created a bit of a shortage for restaurants that had to change up their strategy and move to boneless wings, according to the report. However, now that some restaurants have stuck with boneless wings instead of returning to the bone-in wings, prices have been able to rebound.
A study published last month by the National Chicken Council found that Americans are purchasing more chicken than any other type of protein. In addition, the study found that 37% of Americans plan to consume more chicken than any other meat over the next 6 to 12 months.
Inflation has driven the cost of food through the roof, and with consumers looking to save money, they have started to find alternatives to the food they would usually buy.
During an earnings call earlier this month, Tyson Foods CEO Donnie King shared with analysts that chicken has risen in popularity as consumers shy away from spending more pricey beef cuts, Reuters reported.
Inflation has remained at four-decade highs, and grocery prices alone outpaced the Consumer Price Index, increasing by 12.2% in June compared to last year.
Chicken prices altogether have also started to fall in recent weeks. They are also not expected to be as high as they are now next year, experts shared with Today.
But with demand expected to rise as the college football and NFL seasons kick off, the price could go back up, meaning now is the time to stock up.
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