US egg prices reached a new all-time high last month at US$6.23 (A$10) per dozen despite predictions from President Donald Trump and a decrease in wholesale prices, with no reported bird flu outbreaks on egg farms.
The latest data from the Consumer Price Index indicates that consumers and businesses relying on eggs may not see immediate relief, as demand typically remains high until after Easter, which falls on April 20.
Egg prices around the country
Experts had anticipated a decline in retail egg prices given the significant drop in wholesale prices in March. However, wholesale prices only started to decrease in mid-March, possibly not allowing enough time for the average monthly price to reflect the change, and grocery stores may not have adjusted their prices immediately.
But prices vary widely around the country, depending on the location of recent bird flu outbreaks and some state laws requiring eggs to be cage-free. At a Walmart in Richmond, California, a dozen eggs were US$6.34 (A$10.20) on Thursday. In Omaha, Nebraska, Walmart was selling eggs for US$4.97 (A$7.99) per dozen. California requires eggs sold to be cage-free; Nebraska doesn’t.
The latest numbers could increase scrutiny of Cal-Maine Foods, which provides 20 per cent of the nation’s eggs, and other large egg producers.
Earlier this week, Cal-Maine acknowledged it is being investigated by the antitrust division of the US Department of Justice, which is looking into egg price increases. Cal-Maine said it is cooperating with the investigation.
In its most recent quarter, which ended March 1, Cal-Maine said its net income more than tripled to US$508.5 million (A$817 million) compared to the same period a year ago.
The price of real eggs has some consumers turning to fake ones for Easter crafts this year.
Craft retailer Michaels said sales of its plastic egg craft kits — which were listed for US$2.49 (A$4) on the company’s website Thursday — are up 20 per cent over last year. Michaels said sales usually peak closer to Easter, but it started seeing a noticeable uptick in early March this year.
“With a little over a week still to go until Easter, our craft egg kits are nearly sold out,” the company said.
