For months and months, the price of eggs was soaring. Now, they're going splat.
. Now, they're going splat.
Last year, deadly avian flu wiped out a significant number of egg-laying hens, reducing egg supplies. On top of that, farmers had to deal with inflated feed and fuel costs. The wholesale price drop began in late March, according to Karyn Rispoli, senior egg market analyst at Urner Barry. Prices hit annual lows in early May and have stayed about steady since then, she said.
One reason: Shoppers responded to high egg prices by buying less. When prices were shooting up, "everybody and their brother had a story about what egg prices were doing," said Amy Smith, vice president at Advanced Economic Solutions, a consulting firm.In the four weeks ending on April 22, unit sales of eggs in U.S. retail dropped 4% compared to the same period the year before, according to NIQ, which tracks retail sales.
"Wholesale prices are entirely driven by market forces; they're not set by egg farmers," said Emily Metz, president and CEO of the American Egg Board, a farmer-funded group that is dedicated to increasing U.S. demand for eggs.Wholesale prices are taking a dive, but that doesn't mean consumers will get quite as much of a deal. Retail egg prices have been declining at a more moderate clip.
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