Egg prices in Miami are finally coming down

Thankfully for shoppers, the price is going down for at least one household staple: eggs.

Driving the news: Recent data from the U.S. Department of Agriculture shows a sharp drop in the wholesale prices retailers are paying for eggs.

• Prices dropped to about 78 cents per dozen in the first week of May, down from a high of about $5.30 at the end of 2022, Axios' Matt Phillips reports.

Context: An outbreak of Avian influenza caused a huge surge in egg prices, the worst since a similar outbreak hit in 1973.

Yes, but: These are wholesale prices, so shoppers pay more than that at grocery stores.

Zoom in: Miami New Times reported in January that based on Instacart data, the average price for a dozen eggs locally was $6.67. Walmart's large white eggs were $3.96.

• The spike was a challenge for restaurants, per the New Times. Some considered tweaking their menus, while others absorbed the cost.
• Monday, Instacart showed Aldi charging $1.89 for Grade A Large eggs in Miami and Publix charging $3.45. Walmart's were $1.70 online.

The bottom line: Lower prices will likely make their way to consumers, but it'll take time.