- New data from the Consumer Price Index indicates that egg prices have surged 70% in a year.
- A dozen eggs now costs more than a pound of ground beef.
- Orange juice prices, meanwhile, are notching record highs, and have spiked 30% year-to-date.
The most important meal of the day is becoming pricey as costs for orange juice and a carton of eggs in the US continue to climb.
Overall food costs increased by 0.5% month-over-month in January, according to Consumer Price Index data released on Tuesday.
Egg prices jumped 70% in a year, with high production costs nudging 12 eggs to a record price of $4.82 last month. Prices in January came in 8.5% higher than the month prior.
The surge comes amid a deadly avian flu, with outbreaks last year decimating nearly 53 million birds in the US, according to the US Department of Agriculture (USDA) in December.
Wholesale eggs price are lowering on a weekly basis, however, but this hasn't hit grocery stores quite yet. On the contrary, ground beef prices have fallen from record levels, resulting in a dozen eggs costing more than a pound of ground chuck.
Elsewhere, orange juice prices notched record highs, surging 30% year-to-date as recent hurricanes, frost, and a plant disease hit production levels. Citrus fruits like oranges and tangerines hiked 2.8% in January, according to labor data.
The USDA estimated that this year's orange crop will fall to its lowest level since the 1930s as hurricanes in 2022 dealt extensive blows to orchards across Florida. A lower supply results in surging prices that US customers may not want to pay for juice.
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February 15, 2023 at 03:58AM
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Americans' breakfast takes a hit as egg and orange juice prices soar - Markets Insider
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