We all know the tale of the tortoise and the hare, where slow and steady wins the race. Unfortunately, when it comes to rising prices, this isn’t something worth celebrating—especially when it comes to the cost of everyday staples like eggs.
Egg prices soar nearly 20% since last year
According to the latest figures from the Bureau of Labor Statistics, while some household items have experienced slower price increases compared to the overall inflation rate, food prices have jumped significantly. In July, they were up 2.2% compared to last year.
The spike in food prices is largely driven by the cost of eggs, which have seen a steady increase despite dips in other items like rice, flour, and fish. The price of eggs has surged by 19% from July 2023 alone.
Since June, egg prices have climbed another 5.5% month-over-month. A primary reason behind this surge is the avian flu, which has devastated poultry farms across the country. The resulting supply shortage has led to these unprecedented price hikes.
Earlier this year, the USDA’s Animal and Plant Health Inspection Service reported that a devastating wave of highly pathogenic avian influenza (HPAI) led to the loss of 13.64 million table egg-laying hens since the previous November. The outbreak has had a considerable impact on supply, further driving up costs.
