Egg prices are tumbling, according to a new report.
The Trump administration said egg prices have fallen 47 percent in the past two months, fulfilling President Donald Trump’s campaign promise to lower the cost of the grocery staple for millions of Americans.
A report from ABC posted to social media platform X noted that the price decline has been going on for three weeks in a row.
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“Americans are continuing to see the benefits as the economic agenda of President Donald J. Trump and his administration comes into focus,” the White House said in a statement, according to Fox Business.
“After years of soaring prices and economic pain, the Trump Administration’s focus on cutting regulations and unleashing American energy is leading to stability for Americans’ bottom lines,” the statement said.
“The average wholesale price of eggs recorded another huge drop today as the Trump Administration fulfills its plan for long-term affordability by reversing the previous administration’s flawed approach,” the statement said.
The Department of Agriculture’s Eggs Market Overview said wholesale egg prices “continued on a sharp downward trajectory.”
Are you surprised Trump was able to keep his campaign promise about egg prices?
The report noted that egg prices had risen as outbreaks of highly pathogenic avian influenza were reported, putting a crimp on supplies. It said with no significant outbreaks taking place, the egg supply is rebounding with prices following, as dictated by the law of supply and demand.
The report said wholesale egg prices “declined $2.70 to $4.15 per dozen with a sharply lower undertone.”
“The wholesale price on the New York market for formula trading of Large cartoned shell eggs delivered to retailers declined $2.40 to $4.78 per dozen with a sharply lower undertone,” the report said.
The report noted that a smaller price decline took place in the Midwest production region, where prices remain higher, but that wholesale prices dropped there and in the California production region.
One catch.
Amid “improved supply availability” and “sharp declines” in wholesale prices, the consumer is not getting the full benefit yet.
The report noted that due to price increases, “demand is expected to remain dampened.”
The report said that the wholesale price decline is taking place as Americans respond to the Easter season by increasing their demand for eggs.
During his message to a joint session of Congress last month, Trump said the price increase was due to the policies of former President Joe Biden.
“As you know, we inherited from the last administration an economic catastrophe and an inflation nightmare. Their policies drove up energy prices, pushed up grocery costs, and drove the necessities of life out of reach for millions and millions of Americans. They’ve never had anything like it. We suffered the worst inflation in 48 years but perhaps even in the history of our country. They’re not sure. As president, I’m fighting every day to reverse this damage and make America affordable again,” Trump said, according to the White House.
“Joe Biden especially let the price of eggs get out of control,” Trump said.
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