Egg prices are skyrocketing while the bottom is dropping out of prices for chicken meat, in a paradox that reflects some of the most unusual market conditions in decades.
Producer egg prices in October, at $2.07 a dozen, were 266% higher than in October 2021, according to Egg Industry Center statistics quoted by WattPoultry.com. The 10-month average retail price was $2.90, which is 126% higher than the same period last year.
The situation was attributed almost entirely to outbreaks of avian flu, which has devastated layer flocks throughout the country. More than 36 million layers have been affected, reducing the flock by 4.5% year-over-year as of September.
Meanwhile, after hitting an all-time high of $3.50 per pound in May, the price of boneless, skinless chicken breast meat fell to just over $1 a pound by October. This drop was attributed to chicken building up in the supply chain due to bigger-than-normal orders by trade customers, and to consumers reacting to inflation by curtailing spending. The inflationary shock to consumers is not over; boneless, skinless breast meat hit a record $4.75 a pound in September.
