Egg Prices Soar: A Record-High Despite Wholesale Drop

Despite a significant drop in wholesale prices, US egg prices have surged to a record-high of $6.23. The increase, reported in the Consumer Price Index, suggests no immediate price relief as demand remains high. Bird flu outbreaks earlier this year significantly reduced the egg-laying chicken population, affecting supply.

US egg prices have reached a new peak, hitting $6.23 last month. This comes even as wholesale prices have fallen, and no egg farms have reported recent bird flu outbreaks, raising questions about retail pricing strategies.

The Consumer Price Index issued on Thursday reflects ongoing demand pressures, with consumers and businesses unlikely to see quick reprieve. Elevated demand is expected to persist until after Easter on April 20. Despite earlier expectations of a retail price drop following a significant decrease in March's wholesale prices, such reductions have yet to materialize.

Experts previously cited bird flu outbreaks as primary drivers for price hikes earlier this year. More than 30 million egg-laying chickens were culled to contain the virus, impacting supply. Although farms impacted by fall outbreaks are resuming production efforts, overall supplies remain strained. President Donald Trump's recent remarks attributing lower wholesale prices to his avian flu strategies have drawn skepticism. Critics suggest such initiatives offer long-term, not immediate, solutions.

(With inputs from agencies.)