Taylor Swift says fans will lower high egg prices. 3 things to know
Taylor Swift at the 65th Grammy Awards on February 5, 2023 in Los Angeles.
Jeff Kravitz | Filmmagic, Inc. | Getty Images
This is an excerpt from the Personal Finance team’s weekly Twitter Space post, “Your Wallet This Week.” Check out the latest issue Hereand tune in every Friday at 11:00 AM ET.
Egg prices have entered the spirit of the times.
Comedian Trevor Noah told Taylor Swift at the Grammy Awards on Sunday that the pop star has “the best fans in the world” before asking if they could help bring down the high price of eggs.
“They will get down to business,” Swift. said.
Unfortunately, the factors influencing grocery store egg prices are likely beyond the control of Swifts.
Here are three things to know about egg prices right now.
1. Yes, egg prices are at an all-time high.
In December, the average consumer paid a record $4.25 for a dozen large Class A eggs, according to the monthly U.S. Bureau of Labor Statistics. data. The price has more than doubled from $1.79 a year earlier.
Egg prices rose faster than almost any other good or service in the US economy in 2022.
2. Avian flu is a major factor
3. Prices may recover soon, but it’s hard to say
Even before Noah asked Swift to intervene, there are signs of easing price pressure.
Wholesale prices for eggs—essentially the prices supermarket chains and other stores pay to supply them—have declined. dropped significantly (more than 50%) from their peak in mid-December.
There have been no new confirmed cases of bird flu on commercial table egg farms since December, giving suppliers time to recover. According to the US Department of Agriculture, consumer demand also declined due to a kind of reaction to high prices. said last week.
It usually takes several weeks for price changes in the wholesale market to be transferred to the retail market for consumers.
But there are reasons why food economists say it could take longer — perhaps months — for retail prices to noticeably decline. First, demand usually rises in the run-up to Easter, which falls on April 9 this year.
