he price of a dozen eggs, a staple breakfast food in the U.S., has now exceeded the cost of a pound of ground beef. This followed the global bird flu outbreak that wiped out about 100 million poultry around the world.
In December, the U.S. Department of Agriculture (USDA) reported that the deadly avian flu had decimated nearly 53 million birds in America alone. As a result, the recent consumer price index (CPI) indicated that the prices have surged 70 percent in a year. Adding to the crisis is the high production cost that has pushed the price of a carton of 12 eggs to a record $4.82 in January, up from less than two dollars a year earlier. (Related: Government says “bird flu” responsible for rising egg prices.)
Although wholesale eggs price is dropping on a weekly basis, this hasn’t reached grocery stores yet. On the other hand, ground beef prices have fallen from record levels of $4.64 from a peak of $5.12 last August, resulting in a dozen eggs costing more than a pound of ground chuck.
“And I heard a voice in the midst of the four living creatures saying, “A [a]quart of wheat for a denarius, and three quarts of barley for a denarius; and do not harm the oil and the wine.” Revelation 6:6
The nation’s chicken producers are also trying to bring down egg prices by selling 400 million surplus eggs to food producers. But first they have to convince the Food and Drug Administration (FDA) to change the rule that prevents eggs laid by chickens in the meat industry to be used for human consumption.
As reported by Los Angeles Daily News, the National Chicken Council trade group submitted a formal petition to the FDA asking officials to drop a rule passed in 2009 that keeps chicken producers from selling their excess eggs because they aren’t refrigerated right away.
The FDA said it would review the council’s petition and respond directly to the group. But concerns about food safety are what drove them to adopt the rule that prohibited the sale of eggs in the first place.
“When a broiler hatchery produces eggs, they are kept at 65 degrees until they are ready to be placed in incubators to be hatched. The FDA said in its ruling that eggs that are going to be used for food need to be stored at temperatures below 45 degrees within 36 hours,” the news outlet said.
The council believes the eggs would be safe because they would be pasteurized before they were used by food producers.
Read More @ NewsTarget HERE
“When He opened the third seal, I heard the third living creature say, “Come and see.” So I looked, and behold, a black horse, and he who sat on it had a pair of scales[a] in his hand.” Rev. 6:5
Inflation rebounded in January at the wholesale level, as producer prices rose more than expected to start the year, the Labor Department reported Thursday.
The producer price index, a measure of what raw goods fetch on the open market, rose 0.7% for the month, the biggest increase since June. Economists surveyed by Dow Jones had been looking for a rise of 0.4% after a decline of 0.2% in December.
Excluding food and energy, the core PPI increased 0.5%, compared with expectations for a 0.3% increase. Core excluding trade services climbed 0.6%, against the estimate for a 0.2% rise.
On a 12-month basis, headline PPI increased 6%, still elevated but well off its 11.6% peak in March 2022.
Markets fell following the release, with futures tied to the Dow Jones Industrial Average down about 200 points.
Read More @ CNBC HERE