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How will the price drop affect Easter and Passover shopping?
As egg prices decrease, consumers may expect lower costs during the Easter and Passover shopping seasons. However, retail prices have not yet adjusted to reflect wholesale changes, which could lead to higher demand and potential price increases as these holidays approach.
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What are the current retail prices compared to wholesale?
Currently, wholesale egg prices average $4.15 per dozen, down from $8.05 in late February. In contrast, retail prices for Grade A eggs were nearly $5.90 in February, significantly higher than the previous year's average of $3. This discrepancy indicates that consumers are still facing elevated prices despite the drop in wholesale costs.
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Why did egg prices surge before the drop?
Egg prices surged due to avian influenza outbreaks that led to the culling of millions of egg-laying hens. This supply shock caused prices to peak at $8.05 per dozen in February, prompting investigations into potential price gouging by producers.
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What factors contributed to the recent drop in egg prices?
The recent decline in egg prices can be attributed to reduced demand and fewer bird flu outbreaks, which have eased supply constraints. As the market adjusts to these changes, wholesale prices have begun to fall, although retail prices have yet to catch up.
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Is the Justice Department investigating egg price surges?
Yes, the Justice Department is currently investigating the surge in egg prices, focusing on potential antitrust issues among producers. This scrutiny may lead to changes in how egg prices are set in the future, especially as the market stabilizes.