Bird flu and holiday season demand are driving up prices for eggs. Veuer’s Matt Hoffman reports.
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00:00The price of a dozen eggs has been going up, and not just because of general inflation.
00:04According to Axios, egg prices are up 71% relative to last year.
00:08That's partly due to the impact of bird flu,
00:10which has killed off a significant amount of American hens.
00:14In the short term, it's also due to the holiday season,
00:16which increases demand for eggs as baking ingredients.
00:19Speaking to CNBC, Brian Moscogiuri, vice president of egg supplier Eggs Unlimited,
00:24said, there's a very real chance we could flirt with record price highs.
00:28But agricultural economics professor Andrew Novakovich told CNBC,
00:32when we get past this holiday effect, I think we'll see some price softening.
00:36Nonetheless, the threat will be far from over.
00:38Earlier this month, the California Department of Public Health announced a recall of all raw
00:42whole milk and cream products from a dairy plant in that state due to the presence of
00:46bird flu in some milk. So eggs may not be the only product affected by this virus.