Calling all egg lovers and brunch enthusiasts! We have some egg-citing news for you. According to the latest consumer price index report from the U.S. Bureau of Labor Statistics, egg prices have experienced the sharpest decline in over seven decades. This means more affordable eggs for your morning omelets and baking adventures!
In a welcome shift for consumers, egg prices have been on a downward trajectory, dropping a remarkable 13.8% between April and May. This marks the largest decrease in the egg price index since January 1951. On an annual basis, egg prices fell by 0.4%.
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This significant price drop comes as a relief to many who have witnessed egg prices soar in recent months due to the impact of the largest bird flu outbreak in U.S. history. Just a few months ago, in January 2023, egg prices reached a staggering $4.82 per dozen. However, since then, prices have steadily declined month after month. In May, the average price for a dozen eggs was $2.67, the lowest it has been since April 2022 when it reached $2.52.
The good news doesn’t stop there. Wholesale egg prices are projected to continue their decline, with an expected drop of 26.8% in 2023, according to Seth Meyer, the U.S. Department of Agriculture’s chief economist. So, you can look forward to even more affordable eggs in the months to come.
But it’s not just eggs that are becoming more budget-friendly. The latest CPI report reveals that overall inflation is cooling down. The consumer price index for all items, which serves as a proxy for inflation, increased by 4% over the past 12 months. While still significant, this marks the lowest year-over-year increase in two years, signifying a positive trend.
The Federal Reserve has been closely monitoring inflation and its impact on the economy. As they prepare for their upcoming announcement, scheduled for Wednesday, regarding the federal funds rate, they will consider whether to maintain the current rate or increase it further. Their goal is to strike a balance and control inflation effectively.
So, whether you enjoy eggs for their versatility in the kitchen or simply savor them during your Sunday brunch outings, this decline in egg prices is certainly something to celebrate. It’s a win for your taste buds and your wallet!
At Wellthi, we understand the importance of making smart financial choices while still enjoying the things you love. That’s why we’re here to support you on your journey toward financial wellness. With our unique social savings app, you can reach your goals and make every dollar count, all while connecting with your friends. So, go ahead and indulge in some delicious eggs without breaking the bank. It’s time to savor the savings and embrace a life of financial well-being.