Easter makes egg prices jump on the US market
A dozen of eggs is sold by $1.80, up to 37% than last year, revealed the data collected by the American Farm Bureau Federation. In 2017, Easter have brought an increase in prices by 41%, according to the survey, quoted by Washington Post.
For the economists that conducted the survey, this situation is explained by the fact that while American production stayed level, the demand on the foreign markets has increased.
The hike in foreign demand was exacerbated by a 2017 bird flu in South Korea, leading to a 663 percent increase in American egg exports there from 2016 to 2017, said Veronica Nigh, an economist at the American Farm Bureau Federation.
Also, the domestic egg consumption registered in 2017 reached an average of 275.2 eggs per year, a 20-year record high, and up with an egg and the half from the previous year.
“When you start multiplying that by 330 million consumers, that’s a lot of eggs,” mentioned Nigh. From her point of view, Easter may be a seasonal driver of egg consumption around the world, but the holiday was not a big factor in the recent hike in prices. Nevertheless, in the long term, egg production is likely to increase to match demand, and prices may slowly decline as a result but that is not expected in the next months, according to the analysts involved in the survey.
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