May saw a significant drop in egg prices, with a nearly 14 percent decrease compared to previous months. The high prices observed in recent times were influenced by various factors, including the outbreak of avian flu among chickens in 2022, which led to a decline in egg supply.
Data from the U.S. Department of Agriculture reveals that the average wholesale price for a dozen large eggs in January 2023 exceeded $5. However, the most recent data for May indicate that the average wholesale price ranged mostly between $0.99 and $1.39 per dozen.
According to the U.S. Bureau of Labor Statistics, the average consumer price for a dozen eggs in May was $2.67, a decrease from $3.27 in April. This monthly drop is reported to be the most significant since 1951, as stated by multiple sources.
The released Consumer Price Index figures suggest an overall slowdown in inflation. These findings have raised optimism that the Federal Reserve may halt its interest-rate hikes during its upcoming meeting later this week.