A year ago, the FRED Blog discussed how multiple outbreaks of avian influenza resulted in soaring egg prices. Today we fly back to the coop to discuss how egg prices have decreased since then.
The FRED graph above shows monthly average prices for eggs (in orange) and whole fresh chickens (in brown) reported by the US Bureau of Labor Statistics (BLS). We customized the units into percent changes from a year ago to best visualize price inflation: During months of rising prices, the graph bars rise above the zero line (this is called price inflation); during months of decreasing prices, the graph bars dip below the zero line (this is called price deflation).
Note that while egg prices registered deflation between May and December 2023, fresh chicken prices moderated their growth but did not actually decrease. Slower inflation is called disinflation.
Visit the website of the Economic Research Service of the US Department of Agriculture to learn more about how changes in food prices impact the cost of preparing meals, like this delicious infographic about the cost of apple pie ingredients… including eggs.
How this graph was created: Search FRED for “Average Price: Chicken, Fresh, Whole.” Next, click the “Edit Graph” button and use the “Add Line” tab to add “Average Price: Eggs, Grade A, Large.” Next, change the units to “Percent change from year ago” and click on “Copy to all.” Last, use the “Format” tab to change the graph type to “Bar.”
Suggested by Dieggo Mendez-Carbajo.