Egg prices continue to rise

TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why eggs continue to get more expensive.

Transcript

00:00I'm Conway Gittins reporting from the New York Stock Exchange.

00:03Here's what we're watching on the street today.

00:05The Dow set a fresh record closing high on Monday thanks to Trump optimism.

00:10Scott Besant, Donald Trump's pick for Treasury Secretary, plans to make tax cuts a priority

00:16according to the Wall Street Journal.

00:18On Tuesday's calendar, we have minutes from the Federal Reserve's November meeting, readings

00:23on new home sales, the S&P K Shiller Home Price Index, and consumer confidence.

00:29And speaking of shopping, one key ingredient for Thanksgiving dinner is going to give you

00:34sticker shock this holiday.

00:36The price of eggs were already up more than 30 percent from a year ago, heading into the

00:40holidays according to the October Consumer Price Index.

00:44And that number is getting worse as Thanksgiving demand kicks in.

00:49In the New York area, for example, the wholesale price for a dozen large white eggs went to

00:54$4.23 as of mid-November from $2.43 a year ago.

01:00That 54 percent price increase is being passed on to the consumer.

01:05I went Thanksgiving shopping over the weekend and a dozen large eggs cost $4.99.

01:12So why are eggs so expensive?

01:14It all boils down to the law of supply and demand.

01:18Sure, demand is up during the holidays, but that's only half the story.

01:23Supplies are way down this year due to avian flu.

01:27The American Farm Bureau Federation says nearly 10 percent of the nation's egg supply has

01:32been wiped out since 2022 because of bird flu.

01:36And a recent outbreak is likely to take 60 billion eggs out of the food supply, according

01:41to a report by the U.S. Department of Agriculture.

01:45And it's not just the price of raw eggs that's going to hit you in the wallet.

01:49Eggs are the main component in mayonnaise and a key ingredient in pasta, so expect to

01:55pay much more for those food items as well.

01:59That'll do it for your daily briefing from the New York Stock Exchange.

02:02I'm Conway Gittins with The Street.