Egg prices are dropping, but are consumers truly out of the woods?
Egg prices have dropped significantly, thanks to improvements in supply and a decrease in avian flu cases. However, consumers should be aware of ongoing restrictions and high prices in stores.
Egg prices have dropped considerably in recent weeks, providing relief to consumers after months of high prices and shortages. According to the US Department of Agriculture (USDA), the price of wholesale eggs fell by 9% last week to $3.00 per dozen.
This marks a welcome change for shoppers, as egg prices had soared to a 10-year high of $5.90 per dozen in February due to an ongoing shortage.
Improved egg supply: What’s behind the price drop?
The price of eggs is finally going down, and it has been largely attributed to the decrease in cases of avian flu; which, sadly, killed millions of egg-laying birds.
Egg prices skyrocketed earlier this year due to the avian flu. Photo. Daily Sabah
While 30 million birds were wiped out earlier in the year due to this epidemic, the situation has improved significantly with only 2.1 million birds affected in March, compared to the 23 million cases reported in January.
Lower egg demand contributes to improved supply
Additionally, the fewer cases of avian flu, are not the only reason why the price of eggs has decreased lately. Another reason would be the fact that the demand for eggs has greatly decreased. Probably due to the skyrocketing prices we have experienced in the last few months.
As a consequence, suppliers have had the chance to restock their inventory, leading to lower prices. However, it can take weeks for grocery shops to catch up with the new prices. The USDA has reported that even though that egg prices have lowered; not only are store prices still lagging behind, many grocers are continuing to limit the amount of eggs they purchase.
Costco, for example, is still limiting customers to only 3 cartons of eggs, despite having the stock to not require this measure. Similar situations have occurred in a Whole Foods in Manhattan, where there was a sign limiting egg purchases despite stocked shelves.