Average wholesale egg prices have declined significantly over the past six weeks, according to data from the US Department of Agriculture, bringing them to their lowest levels in 10 months.
According to USDA data, The average wholesale cost of a dozen large eggs has fallen from a high of $5.38 on December 30 to the current average of $2.73 for a dozen.
Last week’s data meant wholesale egg prices fell to their lowest level since April 2022.
The current price is still significantly higher than last year when the average cost was around $1.80 per dozen.
It remains to be seen when the consumers will get relief at the grocery stores. According to data released on Tuesday Bureau of Labor Statistics, The price consumers pay for eggs increased by 70.1% in the 12-month period ending in January. Egg prices have increased by 8.5 per cent in the month of January alone.
Egg prices have increased at seven times the rate of food inflation over the last year. Food prices are 10.1% higher than the previous year. The overall inflation has increased by 6.4%.
The 2022 outbreak of avian flu has been largely responsible for the increase.
“Fewer birds available means higher prices for everyone. Including me because I depend on the industrial system to provide birds. Everything that happens to them directly impacts me,” in North Carolina Ben Grimes, owner of Dawnbreaker Farms, said in an e-mail.
Grimes owns a farm of pasture-raised animals, including chickens, ducks, turkeys, and pigs. He is dependent on industrial system to provide birds through hatchery system.