Egg Prices Plummet: The Egg Price Market Is In A Tailspin

For consumers, a major problem has been that eggs are becoming increasingly expensive to purchase at grocery stores. Fortunately, it appears that retail prices for a dozen eggs may have hit their peak as wholesale costs have gone down drastically. According to market research company Urner Barry, which monitors wholesale food prices, its Egg Index has decreased by 57% since its highest point of $4.65 per dozen on December 19th. At present, those same eggs cost just $2.01 in bulk.

Breakfast enthusiasts rejoice - retail prices of eggs are sure to decrease despite wholesale prices plunging. These declining costs are a result of last year's devastating avian flu outbreak that caused tens of millions of chickens to be culled in order to stop its spread. As per monthly data by Bureau of Labor Statistics, in August 2020 one dozen large Grade A eggs had price tag around $4.25, representing an astonishing 200% hike.

Highlighting that it could take a month for retail prices to follow suit, Senator Marco Rubion predicted that the public may start seeing the fruits of lower wholesale egg prices in February. Thereafter, he conjectured that the cost of food might rise again prior to Easter on April 9th.

Evidently, there is mounting evidence that suggests we have reached peak food inflation. Tyson Foods, America's largest meat enterprise, recently divulged that their profits had dropped due to diminishing demand and falling meat rates. Recall also that the UN global food price index attained its highest point around this time last year.