Rejoice, lovers of affordable protein: Cheaper eggs are on the way.
Driving the news: The latest weekly egg report from the U.S. Department of Agriculture shows a sharp drop in the wholesale prices retailers are paying for eggs.
- They fell to roughly 78 cents per dozen in the first week of May, from a peak of about $5.30 at the end of last year.
Context: An outbreak of Avian influenza prompted the worst surge in egg prices since a similar outbreak hit in 1973.
Yes, but: As readers will hasten to say, they've not seen prices anywhere near that low. Remember these are wholesale prices, so you're still paying a markup.
- But egg prices are indeed falling, if slowly. In the consumer price index data out Wednesday, they were down 0.3% in April, compared to March, though they were still up 21% from last year.
The bottom line: Lower prices are likely on the way for consumers too, but it'll take time.