Egg prices dropped once again this month as bird flu outbreaks eased and demand fell, with consumers unwilling to shell out for the inflated prices, according to the U.S. Department of Agriculture.
Wholesale prices for a dozen eggs now average $4.15, down $2.70 from the week before, the USDA’s Egg Markets Overview from Friday found. In the last week of February, a dozen eggs averaged as high as $8.05.
The reason for the reduced price is two-fold: decreased demand and fewer bird flu outbreaks.
As egg prices shot up, demand for them “sharply” declined over the past week, the department found.
There were also “no significant outbreaks” of the virus in March.
This combination has led to a dip in price, but that dip has not yet been reflected on store shelves, the USDA said.
“As shell eggs are becoming more available, the sense of urgency to cover supply needs has eased and many marketers are finding prices for spot market offerings are adjusting rapidly downward in their favor,” the report said.
It’s not immediately clear if these reduced prices will stick around through Easter and Passover, during both of which eggs feature prominently. Easter is on April 20 and Passover begins on April 12 and ends on April 20.
Earlier this month, the Department of Justice said it would be investigating the surge in egg prices, including whether producers conspired to increase prices or hold back supply.
In February, egg prices skyrocketed by 59 percent year-on- year. On the campaign trail, President Donald Trump vowed to bring down the price of eggs on “day one” of his second term.
The president maintained in his speech to Congress this month: “We are working hard to get it back down.”
Amid the escalating egg prices, the Trump administration this week reportedly asked Denmark to export eggs. The timing, however, is a bit awkward, seeing as the president has repeatedly demanded the U.S. absorb Greenland, an autonomous territory of Denmark, into the U.S. He’s even threatened economic sanctions unless Denmark hands over control of Greenland.
“They have approached us to ask how much we can deliver,” Danish Eggs sector manager Jørgen Nyberg Larsenhe told Danish trade publication AgriWatch, noting that the U.S. approached other countries too. “They have also written to my colleagues in the Netherlands, Sweden and Finland.”
