The price of eggs — inarguably a symbol of the high inflation faced by consumers last year — continues to drop in the United States.
The Bureau of Labor Statistics logged an average price of $2.67 for a dozen eggs in May. This represents a decrease of 60 cents from the month prior — the largest monthly drop recorded by the agency since January 1951, according to NBC 5.
As The Dallas Express reported, after reaching record highs brought on not only by inflation but also by a worldwide avian flu epidemic, the price of eggs began to drop in February. This was a great relief to cash-strapped consumers who previously relied on this staple product as a cheap source of protein.
In fact, as egg prices crept toward a record high of $4.82 in January, some budget retailers like Dollar Tree stopped selling eggs at their stores, as covered previously by The Dallas Express.
Consumers adapted by changing their eating habits and even raising their own hens.
Subsequently, the nation’s largest seller of live poultry, Tractor Supply, has posted record figures in foot traffic and profit these past years. It now has an estimated annual revenue of over $14 billion.
Yet inflation has seen lasting price increases across the board, including chicken feed.
These increases have continued despite some respite seen in March and April.
Prices at grocery stores and restaurants rose 0.2% in May, according to The New York Times. Overall, food prices are 6.7% higher than last year and much higher than those seen before the pandemic.
For instance, a dozen eggs cost an average of $1.51 in 2020.
Yet overall, consumer prices cooled in May and are approximately 50% lower than last year’s peak inflation reading, as The Dallas Express reported.
Although the inflation rate still sits at 4%, twice the Federal Reserve’s target of 2%, members temporarily halted interest rate increases during Wednesday’s Federal Open Market Committee meeting.