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Egg Prices Soar in October to Top US Food Inflation List

Wednesday, November 23, 2022
Egg Prices Soar in October to Top US Food Inflation List © Bloomberg. Cartons of eggs for sale at a butcher shop in Louisville, Kentucky, U.S., on Tuesday, Aug. 23, 2022. In 2022, food price increases are expected to be above the increases in 2020 and 2021, according to the US Department Of Agriculture

(Bloomberg) -- Egg prices are soaring as bird flu causes havoc in the industry while demand rises ahead of the holiday season.

Prices for eggs climbed more than 10% from September to October, according to the latest Consumer Price Index data published Tuesday. Prices in October were 43% higher than the same month a year ago. Eggs had the biggest jump by far on a monthly and yearly basis in any category in the US Department of Agriculture’s food price outlook.

Read more: A resurgent bird flu is wiping out US egg, turkey supplies

The most recent bird flu cases have hit the industry that supplies eggs to grocery stores, according to Karyn Rispoli, an egg market reporter at Urner Barry. US consumers are buying lots of eggs because of the upcoming holidays as well as loading up on essentials ahead of winter weather.

“Consumers are feeling the economic pinch,” Rispoli said. “Eggs, even if a bit more costly than usual, are still the most affordable protein option available.”

©2022 Bloomberg L.P.

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28-11-2022 12:11:41 (UTC+7)

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 EUR/USD1.0359Neutral
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 EUR/JPY143.45↑ Sell
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 Adidas123.98Neutral
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 Siemens AG132.06↑ Buy
 Deutsche Bank AG10.390↑ Buy
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SJC Eximbank6,640/ 6,710
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