Egg Prices Are Now Rising Due to Coronavirus Panic Buyers

The price of eggs is one of the latest developments to come out of the current state of coronavirus. According to CNN Business, with large numbers of people self-isolating to avoid the further spread of the virus and a significant amount of people cooking at home, egg prices have started to rise in order for stores to keep up with the demand.

For the week ending on March 14, egg prices have spiked a staggering 44 percent when compared to last year's data, according to Nielsen. Along with numerous other restrictions, Walmart and other major retailers have implemented limits in recent days on purchases of eggs. This means that eggs now join a growing list of other supplies that are in high demand and could be hard to come by at the moment. Brian Moscogiuri, director and egg analyst at the market analysis firm Urner Barry, told the outlet that it all stems from panic buying.

"Consumers are panic shopping and, much like we see ahead of a snowstorm, they are purchasing staple items (milk, bread, toilet paper, and eggs)," Moscogiuri, said. "Except obviously this is on a national scale and for a much longer period of time." As stores have ramped up their ordering, "buyers have paid huge premiums to secure loads. Moscogiuri's firm also noted that wholesale eggs have spiked a whopping 180 percent since the beginning of March.

Avi Kaner, a spokesperson for New York-based grocery store chain Morton Williams, said what egg suppliers are doing right now is "unconscionable."

"It is unconscionable that the egg industry has doubled prices because of increased demand," Kaner said. "It is hitting low-income New Yorkers the hardest, as so many have lost their jobs working in restaurants and hotels."

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There are currently 54,453 confirmed cases of coronavirus in the U.S., with 737 deaths, according to The CDC. As health officials fear the worst is yet to come, people everywhere are being asked (or outright told) to shelter in place so as to help slow down the virus' spread. A total of 20 states have some form of shelter in place orders in effect, with Idaho joining their ranks on Wednesday.

For more tips on what individuals can do to help combat coronavirus, The World Health Organization has some very helpful advice on their website.