Egg prices in the US dipped in April for the first time in six months, offering slight relief to consumers after months of surging costs.
But despite the drop, prices remain historically high, nearly double what they were a year ago.
According to Tuesday’s Consumer Price Index, the average cost of a dozen Grade A eggs fell to $5.12 in April, down nearly 13% from the March peak of $6.23.
Still, that’s roughly 80% higher than the same time last year, when eggs averaged $2.86 per dozen.
At the start of 2024, prices were even lower, just $2.52.
The recent price dip comes amid signs that the worst of the avian flu outbreak may be easing. The US Department of Agriculture reported that while 31 million birds have been lost to the virus so far in 2024, the pace of losses has slowed.
Since early 2022, more than 169 million egg-laying hens have been culled to prevent the spread of bird flu, a process that significantly disrupts supply and can take up to a year to recover from, as new hens must be raised from scratch.
“Price levels to the consumer have eased considerably from early-year highs but remain at levels not yet conducive to more than normal purchase needs,” the USDA’s latest Egg Markets Overview noted. “Consumers are slow to adjust to what may be the new near-term norm.”
David L. Ortega, professor of food economics and policy at Michigan State University, told the Associated Press he expects egg prices to continue falling through May and June, as post-Easter demand wanes and egg supplies recover.
But economic factors aren’t the only forces shaping the market. The US Department of Justice is also investigating whether producers may be playing a role in elevated prices.
In April, Cal-Maine Foods, the nation’s largest egg supplier, responsible for about 20% of the US egg supply, confirmed it was under investigation by the DOJ’s antitrust division.
Cal-Maine’s most recent quarterly earnings showed net income more than tripled to $508.5 million.
The volatility in egg prices has prompted a wide range of public responses, from consumer frustration to crime. Earlier this year, egg shortages and purchase limits led to a rash of thefts.
In one of the largest reported heists, thieves stole more than 100,000 eggs, worth over $40,000, from Pete and Gerry’s Organic Eggs in Pennsylvania.
In Seattle, burglars broke into a local café and made off with around 540 eggs and other breakfast staples worth close to $800.
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