An “egg-cellent” piece of news for egg lovers: egg prices are finally easing.
Egg prices fell 13.8% from April to May, according to inflation data released by the Department of Labor Tuesday. Egg prices were 0.4% lower in May than a year ago — the first time that egg prices posted an annual drop in the last year.
A dozen grade-A large eggs cost $2.67 in May, compared to a peak of $4.82 in January, and $2.86 a year ago, according to the Bureau of Labor Statistics.
Egg prices surged over the last year due to avian influenza. The flu resulted in the culling of millions of chickens and a shortage of eggs. At the beginning of this year, egg prices were 70.1% more expensive than a year prior — a record high. The latest avian-flu outbreak lasted into winter, while previous outbreaks typically ended in summer. Supply issues during the busy holiday season also contributed to the increase in egg prices.
What’s more, feed prices, especially organic feed prices, were up because of supply-chain disruptions caused by geopolitical conflicts — compounded by the lasting impact of the pandemic, analysts told MarketWatch.
Other items are also seeing lower prices. Pork was 2.9% cheaper in May compared to a year ago, while fish and seafood were 1.1% cheaper.
Food prices remain higher overall, but they are growing at a slower pace than earlier in the year. The Consumer Price Index rose 4% in May year-over-year, while food inflation rose 6.7%. Grocery prices rose 5.8% in May compared to the previous year. Food insecurity is also on the rise as many low-income families struggle to pay bills.
From the archive: Why egg prices are sizzling — up 38% on last year
This post was originally published on Market Watch
