Taylor Swift attends the 65th Grammy Awards on February 5, 2023 in Los Angeles.
Jeff Kravitz | FilmMagic, Inc. | Getty Images
This is an excerpt from the personal finance team’s weekly Twitter space, “This Week, Your Wallet.” watch latest episode HereAnd tune in every Friday at 11 am ET.
egg prices Have entered the consciousness of the era.
Comedian Trevor Noah told Taylor Swift at the Grammy Awards on Sunday that the pop star has the “coolest fans in the world,” later asking if they could help defray the high price of eggs.
“They’ll Get It,” Swift Said,
Unfortunately, the factors affecting egg prices at the grocery store are likely beyond “Swifty’s” control.
Here are three things to know about egg prices.
1. Yes, egg prices are at a record high
In December, the average consumer paid a record $4.25 for a dozen large Grade A eggs, according to the monthly US Bureau of Labor Statistics. statistics, The price more than doubled from $1.79 a year ago.
Egg prices rose faster than almost any other good or service in the US economy in 2022.
2. Bird flu is the primary factor
3. Prices may recover soon — but it’s hard to know
Before Noah calls Swift to intervene, There are indications that the pricing pressure is easing.
Bulk egg prices – basically, the price supermarket chains and other stores pay to gain their supply – is dropped significantly (over 50%) from its peak in mid-December.
There have been no new confirmed cases of bird flu at commercial table-egg farms since December, giving suppliers time to recover. Consumer demand has also declined as a kind of response against high prices, the US Department of Agriculture Said Last week.
It typically takes several weeks for price movements in the wholesale market to flow through the retail market to consumers.
But according to food economists, there are a number of reasons why retail prices may take longer to fall significantly – perhaps months. For one, demand typically peaks in the run up to Easter, which falls on April 9 this year.