Egg Prices Sky-High As Breakfast Inflation Pressures American Households
It’s no secret that breakfast food is more expensive than a year ago, yet another sign of how the cost-of-living crisis squeezes American household budgets.
According to the Bureau of Labor Statistics, the Consumer Price Index shows food at home prices climbed 10.4% in June over the past year.
Breakfast is supposed to be the most affordable meal of the day — but as we’ve explained (read: here & here), soaring prices for coffee, milk, sugar, wheat, oats, eggs, and orange juice have transformed breakfast into a costly meal.
Focusing on eggs, once considered the cheapest source of protein, has seen wholesale prices for a dozen large eggs more than triple in one year.
As if inflation wasn’t enough, one of the worst-ever bird flu outbreaks resulted in the death of more than 30 million commercial and wild birds, reducing egg production capacity.
The good news is that Cal-Maine Foods, Inc., the largest US fresh egg producer, said in a recent earnings statement the bird flu outbreak appears to be waning as no infections have been reported in its flocks since early June.
With inflation broad-based, June’s overall CPI print was hotter than expected at 9.1%, up half a percentage point from last month and the highest since 1981. Looking at this in another way to capture economic distress felt by everyday people is the “misery index” — which combines US labor force participation with CPI – hasn’t been this high since the stagflationary period more than four decades ago.
Last Friday, disappointing retail sales sparked some concern that consumers are tapped out.
Meanwhile, the White House, through President Biden’s Twitter account, called the latest inflation figures “not acceptable.” They noted consumers had saved 40 cents per gallon over the past month. Despite the savings at the pump, Biden’s polling data has yet to reverse from record lows.
Americans are waking up to the lies the Biden administration pushed about “transitory” inflation and how they openly lied this entire time.
Combine skyrocketing breakfast costs with elevated gas prices at the pump; no wonder consumers are miserable. People will vote with their empty wallets come November’s midterm elections.
Fri, 07/22/2022 – 13:40