The cost of eggs has reached a record high and doesn’t appear to be coming down anytime soon.
The price of eggs increased dramatically by 49 percent between November 2021 and November 22 according to data from the Bureau of Labor Statistics.
A fatal avian flu outbreak that forced many major egg and poultry suppliers to cull their flocks has been one of the key causes of the sky-high inflation.
The virus, which is predicted to afflict flocks through 2023, is believed to have killed and destroyed 60 million birds.
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.”
According to Rispoli, “there has just not been enough supply to match the really high retail demand we’ve observed this year.”
Due to consumers stocking up to create cookies and other baked items over the Christmas season, egg costs also typically increase.
“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.”
The network was informed by KK Davey, president of thought leadership at IRI and NPD, that it will take at least six months for retail pricing to stabilize.