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Egg prices skyrocket due to coronavirus panic shopping

Egg prices skyrocket due to coronavirus panic shopping
Written by David
Egg sales increased 44% for the week ending March 14 compared to a year ago, according to the latest Nielsen data. Walmart (WMT) and other major grocery stores have implemented limits in recent days on the purchase of eggs, cleaning supplies and other products demanded by customers.

“Consumers are buying panic and, just as we are facing a snowstorm, they are buying staple items (milk, bread, toilet paper and eggs). Besides being obvious on a national scale and for a much longer time,” said Brian Moscogiuri, director and egg analyst at Urner Barry, a market research company.

Retailers order up to six times their normal egg volume and have lost the offer that producers began to build for Easter, he said. “Buyers have paid huge premiums to secure loads.”

Wholesale egg prices have risen by 180% since the beginning of March, according to Urner Barry, who publishes a daily benchmark for the industry.

“Whole egg wholesaler prices rose steeply through the week,” he said Department of Agriculture said in its weekly report Friday. Companies struggled to “maintain enough stocks to meet an increased level of consumer demand.”
grocery Store (GO) President Robert Sheedy noted price inflation on eggs during a conversation with analysts on Tuesday.

As suppliers’ prices rise, grocery stores face two alternatives: distribute costs to consumers or benefit. They both do.

“Due to a limited supply and higher demand than usual, our suppliers have increased their egg prices,” a sign posted on Stop & Shop in Boston said. “As a result, you can see higher prices starting Saturday, March 21 as well as potential disruptions in supply.”

Dennis Curtin, spokesman for Weis Markets in the Northeast, said the grocery business has taken “limited pricing measures so far.” The suppliers have informed the company that egg prices have risen.

Egg prices have risen 14% in New York’s Morton Williams stores. The company is frustrated that it pays double for eggs from its suppliers during a crisis.

“It’s impossible for the egg industry to have doubled prices due to increased demand. It’s hardest for low-income New York people, as so many have lost jobs in restaurants and hotels,” said Avi Kaner, Morton Williams spokesman.

Source ->http://rss.cnn.com/~r/rss/edition_world/~3/pGrIjm-iCjs/index.html

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