At wholesale prices Egg Prices “Collapse”
New data from Urner Barry, a market research firm that paths wholesale food prices, displays its Urner Barry Egg cell Index has plunged 57% since peaking at $4. 65 per dozen upon Dec. 19. Wholesale costs are now at $2. 01.
The soaring cost of ovum at grocery stores has been a main pain point for consumers. There’s a glimmer of wish that retail egg prices per dozen might have peaked as wholesale prices tumble.
New data from Urner Barry , a market research firm that tracks wholesale food prices, shows its Urner Barry Egg Index offers plunged 57% since peaking at $4. 65 for each dozen on Dec. 19. Wholesale prices are now in $2. 01.
“ Prices have got collapsed, “ Angel Rubio, senior expert at Urner Barry, told CNBC . He or she added:
“ This is a big, big adjustment downward. ”
The dive in wholesale prices refuses to immediately reflect in retail prices though prices have likely peaked. This is fantastic news for breakfast lovers.
Recall that the cause of soaring egg prices had been the worst avian flu outbreak ever that devastated domestic egg-laying bird populations. Many millions of chickens were culled last year to prevent the growing of the deadly disease.
In December, retail prices of a dozen huge Grade A eggs cost around $4. 25, up a mindboggling 200% given that Aug. 2020, according to monthly Bureau of Labor Statistics data.
Rubio mentioned that it takes one month for retail prices to reflect wholesale price action, which means consumers might begin viewing some relief in February. He said prices might go back up ahead of Easter, which falls on April. 9 this year.
The plunge in wholesale egg prices is really a promising sign that top food inflation might have currently arrived. Tyson Foods, the biggest US meat company, reported Monday that falling meat prices and waning need led to a profit decline.
Keep in mind the particular UN’s global food price index peaked one year ago.
This might become the best news for US consumers who’ve drained their financial savings as they battle 21 several weeks of negative real wage growth.
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