(HorizonPost.com) – Egg prices have drastically reduced in price compared with their outlandish increase just a year ago, according to The Arizona Republic. The Bureau of Labor statistics shows that a dozen eggs are now $3.27 as of April, marking a reduction from its peak of $4.82 in January.
The 49% national increase in cost in 2022 was reportedly because of an outbreak of avian flu and higher production costs. But now wholesale retailers are paying less for eggs which is translating to lower costs for consumers. Wholesale egg prices averaged $1.83 in April, marking a 32.5% decline from last year and a 42.5% decline from March.
The USDA states that the drop is a result of the lower demand after Easter but adds that prices can be expected to increase just a little bit. Overall, however, the department reassures consumers that egg prices will remain 33% lower than last year’s average. Families can continue to relish in the lower costs into 2024 as its projections show that wholesale eggs will average $1.44 a dozen, marking a 23% decrease from 2023.
But while eggs are looking good for the consumer, other food products are not. Cattle prices are expected to rise this year and going into 2024. Exports are also expected to decrease as domestic production shrinks, according to the USDA. Cattle are under harsh conditions as much of the United States is still experiencing droughts. Because hay stocks are down 13% from last year, rains are not enough to sustain herds amid poor conditions. As a result, beef production in 2024 is likely to drop by 8% from 2023.
In addition, pork prices are projected to increase by 9% next year. Another silver lining for consumers comes as dairy product prices declined in the last two months. The milk price forecast is projected to be $19.90 per cwt, a $.60 reduction from 2023.
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