Taylor Swift attends the 65th Grammy Awards on February 5, 2023 in Los Angeles.
Jeff Kravitz | Filmmagic, Inc | Getty Images
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Egg prices have entered the zeitgeist.
Comedian Trevor Noah told Taylor Swift at the Grammy Awards on Sunday that the pop star has “the best fans in the world,” then asked if they could help lower the high price of eggs.
“They’re going to get into it,” Swift said.
Unfortunately, the factors that affect grocery store egg prices are likely beyond the Swiftties’ control.
Here are three things to know about the price of eggs right now.
1. Yes, egg prices are at record highs
In December, the average consumer paid a record $4.25 for a dozen large Grade A eggs, according to monthly statistics from the U.S. Bureau of Labor Statistics. data. The price has more than doubled from $1.79 a year earlier.
Egg prices have risen faster than almost any other good or service in the US economy in 2022.
2. Avian flu is the main factor
3. Prices could soon go back up — but it’s hard to know
Even before Noah asks Swift to intervene, there are signs that price pressures are easing.
Wholesale egg prices – essentially the price that supermarket chains and other stores pay for supplies – have dropped significantly (more than 50%) from their peak in mid-December.
There have been no new confirmed cases of bird flu on commercial table egg farms since December, giving suppliers time to recover. Consumer demand has also fallen, a sort of reaction against high prices, the US Department of Agriculture said last week.
It usually takes several weeks for price movements in the wholesale market to trickle down to the retail market for consumers.
But there are reasons why it may take longer – possibly months – for retail prices to drop significantly, food economists say. For one thing, demand usually increases before Easter, which falls on April 9 this year.
