Don't Believe This Egg Price Inflation Rumor
Though going to the supermarket doesn't necessarily involve masking up and standing six feet apart these days, Americans still face another real reason to dread shopping for groceries. Of course, we probably don't have to tell you that inflation has been climbing steadily since May 2021, when the Consumer Price Index (which measures how prices fluctuate over time based on a collection of goods and services that the Bureau of Labor Statistics has determined represent what consumers consistently buy, such as groceries, gas, and housing) showed that prices for April had risen by 5% over the previous year, CNET reports, making it the quickest increase in more than a decade. As of June 2022, inflation has reached 8.6%, which means that whatever cost you $1.00 one year ago will now cost you about $1.09, according to the latest CPI.
Since CNET notes that inflation typically rises only about 2% each year, it's only natural that your supermarket receipts might appear shockingly high right now. In fact, CNET says that grocery prices alone have risen over 10% between May 2021 and May 2022. Egg prices in particular have risen even more precipitously, according to some USDA economists (via Snopes). Speaking on USDA radio in April, they pointed out that the price of eggs rose 11.2% from March 2021 to March 2022. Nevertheless, rumors that egg prices will soon reach $12 per dozen have been greatly exaggerated.
Clearly, someone misunderstood the USDA
Inflation is high, but the price of a dozen eggs has currently risen even higher than the CPI. According to the USDA, one of the biggest reasons for this is "the loss of millions of laying hens" due to avian flu, which can also be potentially lethal to humans. In addition, increased egg demand has driven prices upward, per a March USDA report. Accordingly, the USDA predicted in May 2022 that as the year progresses, the average price of a dozen eggs will increase between 19.5 and 20.5%. The current average price of a dozen eggs is $2.50, according to Snopes. That puts the USDA's prediction for egg prices for later this year at roughly $3.00.
Snopes has generously done the math for us. However, you can do it yourself by taking the current average price of eggs ($2.50), multiplying it by 20%, and adding that number to the current average price of eggs. 20% of $2.50 is $.50, and fifty cents plus $2.50 will simply never equal $12. Needless to say, you should not believe these wild egg inflation rumors because based on the available facts, they simply don't add up. That being said, the USDA's prediction puts eggs at their highest price in 25 years, per Statista. No wonder experts say eggs have been hit harder by inflation than any other food.