Consumers received welcome news this week as grocery prices experienced their most significant monthly decrease since September 2020. Data released Tuesday by the Bureau of Labor Statistics (BLS) revealed a broad decline across several key food categories in April, with a dramatic drop in egg prices leading the way.
The average price of a dozen Grade A eggs fell by more than 12% during the month, marking the largest monthly decline since 1984. This substantial decrease is also the first month-to-month drop in egg prices since October of last year.
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The positive trend extended beyond eggs, with the price of meats, poultry, and fish falling by 1.6%, and cereal and bakery items seeing a 0.5% decrease. Overall, five of the six major grocery store price indexes tracked by the BLS registered declines in April. Non-alcoholic beverages were the only category to see an increase.
This recent dip in grocery prices comes after a period of significant inflation, particularly in the cost of eggs. When President Joe Biden took office in 2021, a dozen eggs cost less than $1.50. By the time he left office, that price had surged to nearly $5.
Lowering egg prices had become a stated priority for the prior administration, which had implemented a five-step plan to address the issue. This plan included increasing egg imports from countries like South Korea to boost supply, efforts to increase domestic egg production, and a pledge of $1 billion to aid farmers in combating bird flu. Additionally, the administration initiated an investigation into the largest domestic egg producer concerning potential artificial price increases.
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Secretary of Agriculture Brooke Rollins indicated in April that a decrease in egg prices was anticipated. “When you look at the wholesale cost of eggs, which drives the retail cost, the retail will follow soon,” she stated on CNN at the time. “Some parts of the country, it has not followed yet, but it’s coming.”
USDA announced on Monday that over 9 billion eggs are projected to be produced in the United States in 2026. Recent BLS data suggests that efforts to increase supply and stabilize prices may now be taking effect at the consumer level.
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