According to reports, Dollar Tree has removed eggs off its shop shelves due to their high price.
A spokeswoman for Dollar Tree said to several media sites last week that the decision was made because eggs were so pricey.
Egg costs have soared to all-time highs in recent months. With a 6.7% decrease in February, consumer costs have started to decline, while egg costs have increased by 55% in the previous year. According to CNN, farmers experienced a 38% yearly increase in egg prices as of February.
According to the Bureau of Labor Statistics, consumers paid an average of $4.21 per carton of Grade A eggs in February, down from $4.82 in January. In contrast, in February 2022, a carton of Grade A eggs will cost around $2.
Dollar Tree informed CNN that it cannot afford to sell eggs at these prices, while advertising a primary price point of $1.25 for the majority of its products as well as some $3 and $5 items.
Egg prices are currently relatively high, according to Randy Guiler, a spokesperson for Dollar Tree. Guiler continued by saying that when “costs are more in line with historical norms,” Dollar Tree would bring back eggs.
Eggs are not expected to return to Dollar Tree stores until the fall, a spokeswoman for the brand told Reuters, which broke the news.
Why did egg costs skyrocket recently?
The recent increase in demand, high production costs, and the avian flu outbreak all contributed to higher egg prices.
In February, wholesale inflation decreased.
In month, the rate of growth in wholesale prices, which affects the price retailers pay producers for their goods, dropped noticeably.
In contrast to a 0.3% increase from December to January, the government’s producer price index decreased by 0.1% from January to February. Wholesale prices increased 4.6% over the previous year, a significant decrease from January’s 5.7% annual gain.
A significant decline in egg wholesale prices of 36.1% in February was a major contributor to the slowing in wholesale inflation.
Consumer price index data from the Labor Department shows that prices rose 6% from a year earlier, down from 6.4% in January and a 40-year high of 9.1% in June. The average price of groceries is continuing rising, but more slowly; it increased by 0.3% from January and 10.2% from the previous year.
Paul Davidson, USA TODAY, and The Associated Press all provided content.