NORFOLK, Va. — They've been one of the most consistent, reliable products when it comes to price.
For the last 40 years, the cost of keeping a dozen eggs in your fridge hasn't changed much…until recently.
Right now, we are seeing an unprecedented swing in the price of eggs -- from $1.67 at the beginning of 2022 to $4.65 by the end of the year, according to the U.S. Bureau of Labor Statistics.
For perspective, the price for a dozen eggs has only gone over $2 twice in the last 40 years. The last time we saw anything even close to this kind of jump, percentage-wise, was back in 1989.
A report by the U.S. Department of Agriculture highlights some of the issues farmers and consumers were dealing with that year.
A dozen eggs set you back about $1 in 1989, which was a 21% jump from the year before. The increase was tied to a shortage of eggs following an unexpected winter blast in South Central United States.
Today, our problem is much more complicated.
The reason for the record price increase is a perfect storm: supply chain problems, high inflation, and a bird flu outbreak.
Because this problem is threefold, economists believe the current market on eggs will rebound slower than it has in the past.