Egg Prices Hit Record $4.95 Per Dozen – Agriculture Secretary Blames 'Overregulation' For Skyrocketing Cost

Egg prices have been all over the news lately, and for good reason. The cost of a dozen eggs hit $4.95 in January, almost double what it was a year earlier at $2.52, according to the U.S Bureau of Labour Statistics. It's wild to think how something as basic as eggs could suddenly become a luxury item. 

The situation has gotten so serious that Agriculture Secretary Brooke Rollins recently announced that the government is considering temporarily importing eggs to help consumers catch a break. The idea is more of a short-term fix rather than a long-term solution.

Don't Miss:

• The average American couple has saved this much money for retirement — How do you compare?
• If You're Age 35, 50, or 60: Here’s How Much You Should Have Saved Vs. Invested By Now

What's Really Going On?

The approach to fixing the egg shortage isn't just about bringing in more from other countries. There's talk of loosening some regulations that have made it tough for domestic farmers to ramp up production. 

On top of that, there's a push to invest more in biosecurity to keep poultry safe from disease. Efforts to rebuild the laying hen population are also in motion, along with research into better vaccines and treatments. 

These steps are meant to help stabilize the industry over time, even though the immediate concern is simply getting more eggs onto store shelves.

Trending: ‘Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. You can invest today for just $0.26/share with a $1000 minimum.

One of the biggest factors behind the price spike is the ongoing avian flu outbreak. Since early 2022, over 160 million birds have been culled, according to MarketWatch. Fewer hens mean fewer eggs, and that's been a major hit to supply. 

At the same time, the cost of feed has shot up. Add in inflation, supply chain snags, and rising transportation costs, and it's no wonder eggs are so expensive right now.

Not everyone is convinced that the government's current approach will actually solve the problem. Experts point out that bringing in eggs from other countries might offer quick relief but could also discourage investment in domestic production. 

There are also concerns that deregulation will push prices down in the short term but at the expense of food safety. Simplifying red tape might be of some benefit, but it will do nothing to fix deeper issues like biosecurity risks and structural issues the sector is facing. 

See Also: Here’s how much you should have invested in Nvidia in 2022 to become a millionaire today.

The effects of all this are easy to see. Some grocery stores are limiting how many egg cartons customers can buy, and popular restaurant chains like Denny's DENN and Waffle House have added extra charges to their egg-based dishes to keep up with costs. 

In an interesting twist, cage-free eggs—which used to be the pricey option—are now selling for less than regular eggs in some places.

Despite the chaos, there's some hope on the horizon. Rollins remains optimistic, saying, "We see a significant plan with significant funds moving ahead, and relief is coming right around the corner." Unless the avian flu outbreak eases up and domestic production gets back on track, egg prices could increase by around 41% in 2025. 

Read Next:

• Many are using retirement income calculators to check if they’re on pace — here’s a breakdown on what’s behind this formula.
• Many are surprised by Mark Cuban's advice for lotto winners: Cash or annuity?