‘Eggflation’ hammers New York, southwest states hardest

New Yorkers are shelling out big-time for his or her breakfast omelets as “eggflation” hammers grocery buyers nationwide, in response to contemporary knowledge launched Monday.

The typical listing worth for a dozen eggs in New York elevated by a whopping 57% in January in comparison with the identical month a 12 months in the past, in response to market intelligence agency Datasembly.

At a Whole Foods in Midtown East, a carton of eggs is promoting for wherever from $3.49 to $9.99, relying on the range. Eggs are equally costly at a Fairway Market location on the Upper East Side, the place cartons are priced at $7.99.

The information on egg costs relies on product pricing and availability at greater than 200 retailers and greater than 150,000 shops throughout North America, together with main operators reminiscent of Walmart, Kroger and Goal, in response to Datasembly.

The biggest spikes in egg costs have occurred within the southwest. In Arizona, the common listing worth for eggs is up 97% year-over-year – the most important enhance of any US state. Costs are up 82% in Nevada, 78% in New Mexico and 71% in Utah.

States with the bottom worth will increase are nonetheless experiencing some sticker shock, with eggs 21% costlier in California, 22% in Alaska and 24% in Washington.

The spike in egg costs is likely one of the most notable indicators of the inflation disaster nonetheless plaguing households in New York and different states throughout the US. Consultants have cited a confluence of things which have pushed the rise, together with pandemic-era provide chain and a bird flu outbreak that has decimated US production.

“The first reason for inflated egg costs is as a result of worst breakout of Avian hen flu – killing greater than 50 million hens since early 2022,” mentioned Curt Covington, senior director of companion relations at AgAmerica.

“Different elements contributing to excessive egg costs embrace the elevated value for rooster feed as soybean costs skyrocketed final 12 months, peak demand for eggs in the course of the holidays, and lagging manufacturing charges all through current years to fulfill elevating client demand,” Covington added.

General, the price of eggs surged almost 60% in January throughout the nation in comparison with one 12 months earlier, according to the latest Consumer Price Index data launched earlier this month. The price of groceries was up 11.8% year-over-year.

The disaster has gotten so unhealthy that Customs and Border Safety reported a 108% increase in egg seizures as smugglers tried to get provides throughout the US-Mexico border.

Covington mentioned the trade will “probably see a 25-30% correction in inflated egg costs by the second quarter of 2023, if not sooner” as red-hot demand skilled in the course of the holidays subsides.

“Nonetheless, hen flu will proceed to be a problem for poultry farmers who’ve been enjoying catch as much as meet demand even previous to COVID,” Covington added. “Greater feed prices may be a limiting issue proper now for farmers who’re attempting to rebuild flocks.”