eggs
What happened to food safety officers during the bird flu outbreak in the US?
Food safety and inspection officers from the Department of Agriculture, who were vital to the nation's bird flu response, were fired over the weekend precisely as the outbreak was intensifying across the US. These layoffs came at a critical time when their expertise was most needed to manage the escalating health crisis. The timing of these terminations had immediate economic consequences, driving up egg prices nationwide. The situation highlights the conflict between administrative decisions and public health necessities during an urgent national outbreak situation.
Watch clip answer (00:11m)
ABC News
00:35 - 00:47
What is the impact of rising egg prices on the economy and consumer behavior?
Rising egg prices (up 219% since 2019 to $4.95 per dozen) have created widespread economic ripple effects. Restaurants are adding surcharges to breakfast items, as demonstrated by Waffle House implementing a 50-cent fee. Consumers are changing their cooking habits, avoiding egg-heavy recipes, and shifting to alternative proteins like ground beef and tofu when possible. These price increases affect numerous sectors as eggs are an ingredient in many foods. As consumers seek substitutes, demand increases for other proteins, potentially raising their prices as well. With the USDA forecasting another 20% increase by year-end, this 'eggflation' continues to shape purchasing decisions and impact food businesses throughout the economy.
Watch clip answer (02:02m)
CBS News
30:56 - 32:58
How has the price of eggs changed from 2019 to 2023?
Egg prices have experienced dramatic fluctuations in recent years, a phenomenon referred to as 'eggflation.' In 2019, before the pandemic, a dozen eggs cost an average of just $1.55. By 2023, prices had surged dramatically to $4.82 before dropping to $2.52 later in the year. As of the most recent data mentioned in the report, the cost has risen again to $4.95 per dozen. This significant price increase has been primarily driven by bird flu outbreaks affecting supply chains, contributing to broader food price inflation tracked by the U.S. Bureau of Labor Statistics.
Watch clip answer (00:27m)
CBS News
00:00 - 00:27
What is the impact of rising egg prices on the economy?
Rising egg prices impact the economy in several interconnected ways. Restaurants like Waffle House have implemented surcharges (50 cents) because eggs are essential for many menu items, directly affecting consumer costs. At the grocery level, consumers may avoid making dishes requiring eggs, decreasing sales for those ingredients and related products. This shift in consumer behavior also creates a ripple effect on other protein markets. As people seek alternatives to eggs, demand for other proteins increases, driving up those prices as well. This cascading effect demonstrates how inflation in one essential food item can spread throughout the food supply chain, affecting both businesses and household budgets.
Watch clip answer (00:48m)CBS News
00:59 - 01:47
How have egg prices changed since before the pandemic?
The price of a dozen eggs has dramatically increased since the pre-pandemic era. According to CBS News analysis of U.S. Bureau of Labor Statistics data, a dozen eggs cost just $1.55 in 2019 before the pandemic. Prices then surged dramatically to $4.82 in 2023, before temporarily dropping to $2.52 later that year. As of the current reporting period, egg prices have risen again to $4.95 per dozen, representing a more than 300% increase from pre-pandemic levels. This significant price increase reflects broader inflation trends affecting household grocery budgets across the country.
Watch clip answer (00:22m)
CBS News
31:01 - 31:23
What is the impact of rising egg prices on the economy?
Rising egg prices (averaging $4.95 per dozen) create widespread economic ripple effects. When egg costs increase, it affects restaurants (with businesses like Waffle House adding surcharges), food manufacturing, and consumer behavior. The impact extends to other food categories as demand shifts to alternative proteins, causing their prices to rise as well. Consumers may forego making dishes requiring eggs, reducing sales of complementary ingredients. With the USDA predicting another 20% egg price increase by year-end, these effects will continue to stress household budgets. This ongoing inflation explains why many Americans aren't feeling economic relief, despite recovery efforts since the pandemic.
Watch clip answer (01:51m)
CBS News
00:24 - 02:15