National average wholesale price of eggs drops for 3rd week in a row
The national average wholesale price of eggs dropped for the third week in a row, as high prices caused falling demand and bird flu outbreaks hit a lull, according to the U.S. Department of Agriculture.
The average wholesale price fell to $4.15 per dozen last week, down by $2.70, according to a weekly USDA report released on Friday.
Just two weeks ago, on Feb. 28, the average wholesale price was $8.05 per dozen.
The combination of prices scaring off customers, slowed bird flu outbreaks and a later Easter this year is resulting in less demand.
"Demand for shell eggs declined sharply over the past week as resistance to current shell egg prices grows across all sectors," the USDA report stated. "Slowing [highly pathogenic avian influenza] outbreaks are leading to improved supply availability and wholesale market prices have responded with sharp declines over the past week."
"However, these declines have yet to be reflected at store shelves and, until they are, demand is expected to remain dampened," the USDA added.
The Justice Department is in the early stages of investigating the major egg producers over soaring egg prices, sources familiar with the matter told ABC News last week.
The soaring price of eggs has emerged as a constant political talking point for both parties. President Donald Trump has promised to lower them and Democratic senators, led by Elizabeth Warren, wrote a letter in January calling on the White House to look into producers' and retailers' pricing practices.
Trump touted the decrease during an unrelated press event on Friday.
"By the way, price of eggs is down 35% in the last week and a half. We're doing a good job," he said.
For what consumers actually paid at the store in February, egg prices jumped another 10.4% from January -- 159% over the year ago level, with an average price of $5.90 per dozen, up $0.94 per dozen from last month, according to the U.S. Bureau of Labor Statistics Consumer Price Index, which is released monthly.
