(Reuters) – Tyson Foods (NYSE:TSN) missed Wall Street expectations for third-quarter revenue on Monday, as customers scaled back on meat purchases in the face of still high inflation.

American consumers have been turning more cautious and pulling back on their meat purchases as higher rent and interest rates squeeze household budgets, hurting sales at multinational meat packers such as Tyson and Hormel Foods (NYSE:HRL).

The U.S. meat packer, which had bumped up meat prices last year, reported a 3% drop in quarterly net sales to $13.14 billion, below analysts’ expectations of $13.59 billion, based on Refinitiv data.

The biggest U.S. meat company by sales, Tyson has also seen its margins come under pressure as declining U.S. cattle herds force it to pay more for livestock, while a lingering drought has pushed animal feeding expenses further up.

In a bid to keep costs under control, Tyson has also been cutting jobs and closing certain chicken processing units.

On Monday, the company said it would close four more chicken facilities to reduce costs and improve capacity utilization.