Devastating Bird Flu Sends Egg Prices Soaring amid Looming Food Crisis
A dozen of eggs jumped 23% in April compared the month before
As food prices soar across the U.S., eggs and poultry prices have skyrocketed as the deadly bird flu wreaks havoc on the country's egg-laying hen flock.
The price of a dozen eggs jumped 23% in April compared with the month before to $2.52, according to inflation data tracked by the U.S. Bureau of Labor Statistics.
Egg prices are skyrocketing in the US https://t.co/716GzHLQ7C— Bloomberg (@business) May 12, 2022
Prices reached levels not seen since early 2016.
2016 was the period that followed the highly pathogenic avian influenza outbreak of 2014-15, which led to a 50% increase in egg prices in the second half of 2015.
The outbreak has spread to 32 states, killing more than 37 million chickens and turkeys.
Twenty-nine million egg-laying hens have died, or about 10% of the U.S.' total flock of 300 million.
New fear unlocked: 10% of US hens have died from a new bird epidemic— Rachel Premack (@rrpre) May 13, 2022
Egg prices up 23% in the past month https://t.co/94yWwOHwts
According to Bloomberg, the bird flu is "shaping up to be the worst outbreak of its kind."
"When the outbreaks first started, the jump in wholesale values was being driven primarily by demand, as there was a bit of panic and short covering going on in the marketplace," Karyn Rispoli, an egg market reporter at commodity research firm Urner Barry, told CBS News.
"But at this point, so much production has been removed from the landscape that it's more of a supply-side issue."
Breakfast has become the most expensive in years.
It's not just eggs, orange juice, and wheat prices are also soaring.
UK's largest retailers have been invited to meet with egg producers at a crisis summit yesterday 🚨— Wall Street Silver (@WallStreetSilv) May 11, 2022
Feed cost is up 50% for hens.
Energy is up 40%.
The prices received don't justify the cost of production and many are shutting down. pic.twitter.com/Fdt9fBTc7h
Egg prices could be headed higher as there are no indications the avian influenza spread is under control.
This is just another sign that food shortages could get much worse in the second half of the year.