The price of eggs has hit a record high and is not showing any signs of going down in the near future.
From November 2021 to November 22, egg prices jumped a massive 49 percent, according to data from the Bureau of Labor Statistics.
One of the main reasons for the sky-high inflation has been a deadly avian flu that prompted many large egg and poultry suppliers to have to cull their flocks.
It is estimated that 60 million birds were killed and disposed of due to the virus — which is expected to continue infecting flocks into 2023.
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However, CNN Business notes that “the situation has been exacerbated by elevated feed and energy costs for producers, in addition to high demand in the supermarket.”
As of last week, “prices have been escalating for nine consecutive weeks… setting new record highs on a daily basis since the week of Thanksgiving,” Karyn Rispoli, editor of the Egg Price Current for Urner Barry, told the network.
“On Friday, Midwest large eggs, the benchmark for eggs sold in their shells, hit $5.46 per dozen, Rispoli said, citing Urner Barry’s data,” the report added. “This time last year, Urner Berry’s data shows, that price was around $1.70.”
Rispoli said that there aren’t enough eggs being produced to meet the demand.
“There’s simply not been enough production to support the incredibly strong retail demand we’ve seen this year,” Rispoli said.
Egg prices also traditionally go up during the holidays as people stock up to make cookies and other baked goods
“Recent increases in wholesale prices for cartoned shell eggs to record high levels slowed this week as the holidays arrive and demand tempers. Offerings remain light while supplies are light to moderate with moderate to good demand,” according to the U.S. Department of Agriculture’s publication Egg Markets Overview. “The fact that shell eggs remain at record-high price levels has not deterred consumer appetite as demand has surpassed last season’s levels despite cartoned egg prices three times higher. … Outbreaks of highly pathogenic avian influenza continue, creating heightened concerns over consistent supply access.”
KK Davey, president of thought leadership at IRI and NPD, told the network that it will take at least six months for the prices to moderate in retail.