Slow and steady may win the race for a tortoise vs. a hare, according to Aesop's Fables. However, in reality, this turn of phrase does not ring true when applied to the gradual climb of consumer prices, especially with the latest exorbitant cost increases on items like eggs.
The latest data from the Bureau of Labor Statistics showed prices on some household staples rose slightly slower than the overall rate of inflation, but food prices once again spiked upwards in July by 2.2% compared to last year.
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Despite a dip in prices for rice, flour, and fish, the cost of a carton of eggs has been steadily on the rise, with a 19% increase from July 2023.
Since June, the price of eggs shot up 5.5% month-over-month.
The consistent increases have been attributed to a combination of factors, largely including a supply-driven price spike as a result of avian flu outbreaks that have wreaked havoc on poultry farms nationwide.
Earlier this spring, with a resurgence of highly pathogenic avian influenza (HPAI) in egg-laying flocks, the USDA's Animal and Plant Health Inspection Service reported that 13.64 million table egg-laying hens had been lost to the disease since the beginning of November.
