STORY: Cheap chicken has flown the coop as poultry prices have hit record highs at U.S. grocery stores.

And the cost of chicken will likely stay elevated, as Tyson Foods and other companies cut back poultry production to boost margins.

But consumer demand remains strong, with inflation-weary Americans choosing chicken as a cheaper option to other proteins beef and pork.

In fact, U.S. consumption of chicken is expected to exceed 100 pounds per person this year for the first time ever, according to the U.S. Department of Agriculture.

By contrast, beef consumption is expected to drop to its lowest level since 2018, with prices climbing due to dwindling cattle supplies. And consumer spending cuts have knocked pork consumption to its lowest since 2015.

Tyson, which sells all three types of meat, had to deal with a glut of chicken during the health crisis. The company announced the closures of six U.S. chicken plants this year to reduce costs. Analysts said its chicken business likely returned to profitability last quarter after two quarters of operating losses.

Tightening supplies now favor producers' bottom lines.

But companies still have large supplies in freezers. U.S. inventories of frozen chicken breasts were at a record high in August. Tyson said this week that more layoffs are expected, signaling ongoing hurdles.