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NEW YORK (
) -- MillerCoors and
are defying the price pressure other consumer goods makers have lamented amid the worst U.S. recession since World War II.
Apparently, American appetite for chicken and beer is recession proof.
MillerCoors, the U.S. joint venture of
, reported a 16% jump in second-quarter profit to $325 million, citing cost savings from combining their U.S. operations and strong pricing that allowed the venture to hold its ground after raising the cost of its brews in 2008.
Meanwhile, Tyson Foods, the biggest meat producer in the world, posted a tenfold profit increase in its most recent quarter after raising prices during the recession. Total Tyson profit rose to $134 million, or 35 cents a share, in the quarter from $9 million, or 3 cents a share, the year before.
With Americans pinching pennies and eating at home rather than going out, higher prices for home-cooked chicken washed down with a brew still amounted to a savings over restaurant fare.
I can't blame the companies for doing whatever they can to bolster their bottom lines, but it seems a little unbecoming.
Still, it's our own fault. Companies should be free to charge whatever consumers are willing to pay, and apparently we're still willing to open our wallets for premium white meat and a six pack.
This may be the next big diet fad in the making.
--Written by Glenn Hall in New York.
Glenn Hall is the New York-based editor in chief of
. Previously, he served as deputy editor and chief innovation officer at
The Orange County Register
and as a news manager at
in Frankfurt, Amsterdam and Washington, D.C. As a reporter, he covered business and financial markets, worked in both print and television in the U.S. and Europe, and conducted in-depth investigative coverage at
in Fort Wayne, Ind. His work also has been published in a variety of newspapers including
The Wall Street Journal
The New York Times
International Herald Tribune
. Hall received a bachelor's degree in journalism and political science from The Ohio State University and a certificate in project and program management from Boston University.