Why egg prices are skyrocketing: New “nightmare” for consumers ahead of Easter – Newsbomb – News

Bird flu fears they are raising egg prices again. After abating for most of 2023, a recent resurgence of bird flu at poultry facilities in the US, Japan and other nations has sent egg prices soaring again ahead of the Orthodox Easter. The virus, commonly referred to as bird flu, is highly contagious and fatal among birdswhile in recent days it has also been detected in mammals, such as cows, in a trend that worries experts.

“The reason for the big increase in egg prices is HPAI (highly pathogenic avian influenza) hitting egg farms, killing chickens and reducing egg production,” said David Anderson, professor and food economist in the Department of Agricultural Economics at Texas A&M University.

In the USA, more than 14 million egg-laying chickens they died in November and December as a result of bird flu. In the past 30 days, more than 8 million birds in America’s commercial flocks remain infected, according to data from the US Department of Agriculture.

Two weeks ago, Cal-Maine Foods – the largest chicken egg trading company in the US – temporarily halted production and culled over a million of its birds at one of its facilities following an outbreak of bird flu.

“Many countries and regions around the world, including the US, the EU, Russia, South Africa, India and Nigeria are facing historically high price levels,” Nan Dirk Melder, a senior analyst at the bank, told CNBC via email. of Rabobank agribusiness.

A dozen large eggs now cost $2.41 in the US, having recorded 10% annual growth until today. In Japan, cases of bird flu have been reported in domestic poultry in several prefectures, affecting hundreds of thousands of hens.

In the “red” the prices of eggs around the world

Japan is the second largest consumer of eggs per capita and eggs are an important ingredient in Japanese cooking. The country saw prices for medium-sized eggs rise more than 20 percent from 179 yen ($1.16) per kilogram at the start of the year to around 218 yen per kilogram ($1.41) on April 17.

From Mexico to Norway to Indonesia, egg prices have also risen for a variety of reasons. Scorching heat in Mexico has caused many chickens to die of heatstroke, local media reported.

Mexico, which consumes the largest number of eggs per capita in the world, saw prices rise 30 percent to 45 pesos ($2.63) a kilo each week due to intense heat, said a spokesman for Mexico’s main wholesale market Central de Avastos. Mexico recently recorded the hottest temperature in its history on April 15th.

In Indonesia, the second largest egg producer in the world, chicken egg prices have also risen more than 10% since the start of the year, according to data from the country’s National Food Service. As a result, consumers around the world are finding new ways to cope with higher egg prices.

The consumer’s imagination runs wild

“Stocking up on eggs since I guess it will be $7/dozen again in a few weeks,” said one US-based user on social media platform X. Another said he had started stocking up on chicken and eggs: “Remember, you can freeze chicken eggs for a yearif you do it right.”

In accordance with US Department of Agriculture, “frozen egg products will remain safe indefinitely” but are stored for up to a year for best quality.

In Norway, a shortage of eggs during the Easter holidays has led some Norwegians to flock to neighboring Sweden to get japo eggs there, according to reports in the country’s local media. The twelve-month index showing consumer prices for eggs in Norway jumped 17.4% in March, according to local research database.

Bird flu isn’t the only thing affecting the egg supply. Other factors contributing to the higher demand for eggs are the increase in meat prices. As a result, consumers are looking for alternative, more economical sources of protein.

“We’ve had record high retail prices for beef, pork and chicken, so eggs are substitutable, which means egg prices will go up,” said Texas A&M University’s Anderson.