REPORT: Egg prices skyrocket as a result of Coronavirus
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The egg industry has ratcheted up prices in response to short supplies and heavy demand from panic-buying consumers during the coronavirus outbreak.
CNN reported Wednesday that wholesale egg prices have increased 180 percent since the beginning of March, which the Department of Agriculture noted in its weekly report. Sales of the product are up 44 percent over this time last year, according to Nielsen data.
The article goes on to state the following:
“Shell eggs are clearing retail outlets at a brisk pace and grocers are seeing little necessity in conducting feature campaigns as the product is virtually selling itself,” the Department of Agriculture said.
A spokesperson from one supermarket chain told CNN, “It is unconscionable that the egg industry has doubled prices because of increased demand. It is hitting low-income New Yorkers the hardest, as so many have lost their jobs working in restaurants and hotels.”
Americans are stockpiling eggs during the coronavirus crisis as they cook more meals at home. That’s leading to supply shortages and a spike in prices at some supermarkets. https://t.co/9Uqy768rKR
— CNN (@CNN) March 25, 2020
— The Hill (@thehill) March 25, 2020
Mobile location data shows just how much travel has dropped in the age of coronavirushttps://t.co/xHeratum37
— DMLNewsApp (@DMLNewsApp) March 25, 2020
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