Economy

There is deflation in some items as Wingstop notes dropping chicken wing prices

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Three months ago, Wingstop put a shocker in its earnings release: It was seeing DEFLATION in bone-in chicken wing costs.

The chicken chain reiterated the trend with its latest results Thursday morning and its stock rallied 20% on the news.

“We are benefiting from meaningful deflation in bone-in wings,” CEO Michael Skipworth said.

At a time when many consumers may have forgotten what deflation is, Wingstop explained that bone-in chicken wing prices have plunged 19% year-over-year in the latest quarter.

Chicken wings were a popular menu item during the early days of the Covid-19 pandemic. Stuck at home, consumers ordered them in dozens as the tasty treat transported well for a contactless…



Source cnbc.com

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