(Original Title: Bird Flu Shock + Increased Holiday Demand U.S. Egg Prices Up 43% YoY in October)
Zhitong Finance APP has learned that due to the severe impact of bird flu on the US egg industry, coupled with the growing demand for eggs before the holiday season, egg prices are soaring. Egg prices rose more than 10% month-on-month in October and 43% year-on-year, according to the latest data released on Tuesday. Eggs have posted the largest monthly and annual increases so far in the USDA’s Food Price Outlook.
The United States has suffered the worst bird flu ever. About 50.3 million birds have been infected with the virus since early February, according to the most recent data from the Centers for Disease Control and Prevention (CDC). Bird flu is relatively rare in the United States, the CDC said. The last time was in 2015, when a record 50.5 million birds were infected with avian flu.
Additionally, US consumers are buying bulk eggs ahead of the holiday season and stocking up on essentials ahead of winter. Karyn Rispoli, egg market reporter for Urner Barry, a US meat protein pricing portal, said consumers are feeling the contracting economy and even though eggs are slightly more expensive than usual, they’re still there. most convenient protein option.
Under the influence of high inflation, Americans could usher in the most expensive Thanksgiving dinner in history. The average cost of a Thanksgiving meal for 10 people this year rose about 20 percent to $64.05 this year, from an average of $53.31 last year, according to the 37th Annual Food Survey. ‘American Farm Bureau Federation. This is the largest increase since the organization conducted a survey of the cost of Thanksgiving dinner in 1986, the report said. “Inflation, which erodes consumers’ purchasing power, is a major factor in the average cost of a Thanksgiving dinner this year,” said Roger Klein, chief economist at the American Farm Bureau Federation.
Since the beginning of this year, the year-over-year increase in the US CPI has remained at a high level of 7%-9%. The latest statistics from the US Department of Labor show that the US CPI rose 7.7% year on year in October, of which food prices rose 10.9%. While headline inflation slowed slightly in October, this year’s food price inflation is the highest since 1979.
