KANSAS CITY, Mo. — In February, KSHB 41 went 360 on the topic of rising egg prices. At the time, according to the Bureau of Labor Statistics, the cost of eggs was up 60 percent compared to the previous year.
“I wasn’t gonna buy a $4.50 carton of eggs,” one shopper, Lorie Kellogg said. “We’re at the whims of others most of the time.”
But the USDA’s most recent report on national efforts prices shows the typical wholesale price for a dozen eggs is between 99 cents and $1.39. That is a far cry from the whole sale price of $5 for a dozen eggs in many places nationwide earlier this year, according to the department.
"My family is eating a whole lot more eggs, and it really does matter believe it or not,” said shopper Ethan Taylor.
In simple terms, this is due to the reversal of supply and demand. The number of laying hens are back to pre-virus levels, but a lot of people stopped buying eggs when prices were too high.
This led to a surplus of eggs and not enough buyers.
"How do the egg industry get those people back eating eggs? Thats the key,” said Anthony Tocco, Professor of Accounting at Rockhurst University.
But beyond just eggs, frustrated shoppers are asking the question: why are prices quick to jump but take so long to come back down?
Experts say it is because of two reasons: solutions take time and businesses want profit.
"They'll reflect price increases immediately, but hold back on price decreases,” said Tocco. "You can call it what you want to, but it's good business."
Professor Tocco also says it takes time for wholesale prices to be reflected in retail or restaurants, either because groceries need their return on investment or they are taking advantage of the excess revenue.
It can take anywhere from one to two months, and could take all the way up to four.
"They have tremendous inventories of eggs that they bought at $3, $3.50. Well I can't reduce them to the wholesale price right away,” said Tocco.
Ethan Taylor, who is both a chef and a consumer himself, say it is a fine line he teeters everyday.
"You have to make substitutions, and sometimes you have to, you know, take the hit,” said Taylor.
