Egg prices drop by nearly 14 percent in May

The price of eggs dropped by nearly 14 percent in May, marking a significant dip from sky-high egg prices in recent months. 

Several factors contributed to the high prices, including the avian flu that spread among chickens throughout 2022 and caused a reduction in egg supply. 

According to U.S. Department of Agriculture data, the average wholesale price for a dozen large eggs in January 2023 was more than $5. The most recent data shows the average wholesale price for a dozen eggs in May was mostly between $0.99 and $1.39.

The U.S. Bureau of Labor Statistics put the average price for consumers of a dozen eggs in May at $2.67, down from $3.27 in April. That monthly drop was the most since 1951, according to multiple reports. 

The Consumer Price Index numbers released Tuesday show inflation is continuing to slow overall. The new data bolstered hope that the Federal Reserve will pause its interest-rate hikes when it meets later this week.