Egg prices are finally dropping after record highs
FILE-A worker stocks eggs on a shelf at a grocery store in 2023. ( Matthew Hatcher/Bloomberg via Getty Images)
Grocery costs are still high at stores, but one sought-after item on shelves is now more affordable offering solace to consumers.
A June report released Monday by the U.S. Department of Agriculture shows egg prices dipped to an average price between a $1 and $1.40 in parts of the country.
Federal data cited by Business Insider reveals that egg prices fell every month since the start of 2023 when the average price spiked to almost $5 for a dozen eggs which is more than double the average price of $1.92 recorded in January 2022.
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Over the past year, egg prices surged for several reasons, including growth in production-related costs and the worst bird flu outbreak in U.S. history.
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With the cost and demand for eggs at a high rate, some people decided to buy their chickens to save money at the grocery store before egg prices finally started to dip, the Business Insider noted.
And this change was evident in recent data from the Bureau of Labor Statistics’ Consumer Price Index that reported the cost of eggs was $3.27 in April.
While stocking up on eggs for your next grocery run may be more feasible, the likelihood of egg prices returning to pre-inflation numbers may seem marginal, partly because farmers are shifting to more ethical forms of egg production that are considered expensive, according to Business Insider.
This story was reported from Washington, D.C.