Breakfast is getting even more expensive after US egg prices soared 8.5% in January while citrus fruits, cereal and baked goods also climbed.
(Bloomberg) — Breakfast is getting even more expensive after US egg prices soared 8.5% in January while citrus fruits, cereal and baked goods also climbed.
Egg prices have been surging amid the nation’s worst-ever outbreak of deadly bird flu that decimated chicken flocks. One outbreak late last year wiped out more than a million birds, according to the US Department of Agriculture. Although wholesale prices have started to slip from all-time highs, that hasn’t yet rippled through to grocery stores.
A dozen eggs now command on average $4.82, more than a pound of chicken breast, pork chops, ground beef, processed American cheese or even a gallon of gasoline. The 70% surge in egg prices from a year ago has been the steepest 12-month rise in four decades.
Overall food costs climbed by 0.5% last month, according to Labor Department data released on Tuesday.
- Read more: US Inflation Stays Elevated, Adding Pressure for More Fed Hikes
A relatively strong US economy has enabled consumers to absorb higher food costs, though some are starting to swap out costly menu items like high-end cuts of beef for cheaper sources of protein.
Meanwhile, citrus supplies are tight after a devastating hurricane season slammed orchards in Florida. Oranges and tangerines jumped 2.8% in January, according to the data.
–With assistance from Dominic Carey, Marvin G. Perez, Alex Tanzi and Vince Golle.
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