Inflation Hits Breakfast Staples: Eggs, Orange Juice, Coffee
Inflation is impacting shoppers' wallets, particularly when it comes to breakfast essentials like eggs, orange juice, and coffee.
Egg Inflation Skyrockets
Egg prices have surged 53% year-over-year, with monthly increases of 7.2%. A dozen large eggs now costs $4.95, a record high. Avian influenza, commonly known as bird flu, has decimated hen populations and reduced egg production.
Orange Juice and Coffee Prices on the Rise
Frozen juices and drinks, including orange juice, have jumped 7.7%, while coffee costs have increased 3.1%. Orange juice production in Florida has been affected by hurricanes and citrus greening, while Brazil's production has been impacted by the El Niño weather pattern.
Coffee Futures Soaring
Coffee futures have seen a surge in recent weeks, nearly reaching $4.30 per pound. Weather events, short crops, and macroeconomic factors have strained exporters and importers, limiting global coffee supplies.
Grocery and Restaurant Adjustments
National grocers like Costco and Trader Joe's are implementing purchase limits for eggs due to shortages. Restaurants, such as Waffle House, have added surcharges to menu items to offset rising egg costs.
Impact on Consumers
Consumers can expect further price increases for eggs, orange juice, and coffee, both at grocery stores and restaurants. Keurig Dr Pepper and J.M. Smucker are expected to raise prices to cover higher coffee costs.