Egg prices drop but remain near historic highs
The sky-high price of eggs dropped nearly 13% in April compared to the records that were set earlier in the year. But the new average price is still high in historical terms.
According to the Consumer Price Index released Tuesday, the average price for a dozen Grade A eggs fell to $5.12 in April. That was the first price drop in six months.
But avian flu continues to ruin flocks of egg-laying hens and the new lower price is still nearly 80% higher than the same time last year, when that comparable dozen eggs cost an average of $2.86.
At the beginning of 2024, eggs cost less than half what they did this April, on average, at $2.52 a dozen.
ABC News reported that eggs reached their record high cost in March, averaging $6.23 a dozen.
The U.S. Department of Agriculture's 'Egg Markets Overview' last week reported that 'price levels to the consumer have eased considerably from early-year highs but remain at levels not yet conducive to more than normal purchases needs as consumers are slow to adjust to what may be the new near-term norm.'
The market overview notes that 31 million birds have been lost to avian flu this year. But the magnitude has decreased, leading to hope that the bird flu outbreak is waning. Newsweek reported that more than 169 million egg layers have been killed as part of the outbreaks since early 2022. 'Any time a bird gets sick, the entire flock is killed to help keep bird flu from spreading,' the article said.
It can take a year for the farm to raise new birds that can lay eggs.
David L. Ortega, a professor of food economics and policy at Michigan State University, told the Associated Press that egg prices will probably continue to drop in May and June. He said demand, which is high around Easter, eases, which lowers prices. And with fewer bird flu outbreaks recently, the supply of eggs is growing, he said.
And per AP, 'The antitrust division of the U.S. Department of Justice is also investigating Cal-Maine Foods, the largest U.S. egg producer, which supplies around 20% of America's eggs. Cal-Maine confirmed the investigation in early April. Ridgeland, Mississippi-based Cal-Maine said its net income more than tripled to $508.5 million in its most recent quarter, which ended March 1.'
The price of eggs has prompted a strange variety of reactions, as Deseret News has reported. For instance, in February, as an egg shortage was ongoing and retailers were limiting how many eggs a customer could buy, a small flurry of egg thefts made headlines around the country.
In the most egg-straordinary heist, thieves in Pennsylvania stole more than $40,000 worth of eggs — about 100,000 — from Pete and Gerry's Organic Eggs.
And in Seattle, thieves who didn't want to shell out cash for eggs visited the Luna Park Cafe in the middle of the night and took about 540 eggs and other breakfast items worth a total of close to $800.
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