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Russia experiences egg price `inflation`, the US is at risk of following 3
(Dan Tri) – The Russian government this week said it would waive import taxes on 1.2 billion eggs in the first half of next year to try to contain skyrocketing prices.
RT quoted the federal statistics agency Rosstat, the price of eggs, classified as an important food item, increased by 4.55% in the week from December 5 to 11, faster than the weekly increase rate.
Data shows that since the beginning of the year, egg prices in Russia have increased by more than 46%.
Retail prices currently range from 90-150 rubles (1-1.66 USD) for a box of 10 eggs.
The Russian government this week said it would waive import taxes on 1.2 billion eggs in the first half of next year to try to contain skyrocketing prices (Photo: iStock).
The Russian Federal Antimonopoly Service (FAS) recently asked retail chains to voluntarily limit egg price increases to 5%.
Retailers blame manufacturers for price increases, but industry experts say a range of factors are to blame, such as general inflation trends, bird flu and growing demand.
This issue was highlighted at Putin’s annual press conference on December 14, when a retired woman named Irina Akopova complained to the Russian President about the increase in prices of eggs, chicken breasts and chicken wings.
`I look forward to your help,` Ms. Akopova said, and the Russian leader replied: `I promise that the situation will be overcome in the near future.`
Mr. Putin said that high consumer demand is outstripping domestic production capacity.
Food safety watchdog Rosselkhoznadzor has licensed dozens of Turkish and Azerbaijani companies to export eggs to Russia.
Americans also risk facing `egg price inflation` amid seasonal Christmas demand and a rise in bird flu cases.
Cal-Maine Foods, the largest egg producer in the United States, announced on December 12 that a facility in Kansas had an outbreak of bird flu in about 1.6% of the company’s total chicken flock, or about 684,000.
Meanwhile, data from the US Department of Agriculture shows that dozens of commercial poultry flocks have been hit hard by the virus in recent months.
The latest bird flu outbreak has raised concerns that egg prices could start to spike again after having stabilized from last year’s prices.
`It seems like every day another infection site is announced,` Kevin Bergquist, regional director of the Wells Fargo Agri-Food Institute, told USA Today. `This is not only reducing the number of egg-laying chickens on the ground.
According to the US Department of Agriculture, more than 72.5 million poultry were culled in 2022 and 2023 to prevent the spread of the virus.
Dennis Brothers, an associate professor of agricultural extension in the department of agricultural economics and rural sociology at Auburn University, said that egg prices will rise further but are unlikely to rise as high as in 2022, because egg inventories have been depleted.
Federal data shows that U.S. egg prices have fallen more than 22% over the past year as producers work to rebuild supplies.