Discover the surprising truth behind the increase in egg and bread prices and how it relates to the state of the economy under President-elect Donald Trump.
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The price of eggs and bread are steady on the rise, or really? According to Marketplace, President-elect Donald Trump is poised to inherit a remarkably healthy economy when he takes office in January. By almost all measures, the U.S. economy is doing exceptionally well.
Gross domestic product was up an annual 2.8% last quarter, inflation is just about down to the Federal Reserve’s target rate of 2% and unemployment is low by historic standards. So what does that mean for the incoming president and his administration?
On day 1 of my office…’: When President-elect Donald Trump promised to defeat inflation/Economic Times/YouTube
However, buying eggs, an 8 oz bag of Doritos Tortilla chips are steady going up the roof. Recently, I was in a local grocer, craving for my childhood friend, namely Doritos Nacho flavor, and the bag read $6.39, or $6.99, I couldn’t remember. However, in a ravishing desire, and need for the tangy taste, I whipped out my Visa and made the purchase.
Regrettably, my thoughts often turn to those who are dependent on government aid or restricted incomes, as they are unable to frequently make purchases like this. It begs the question: if the economy is a blessing for our newly elected president, then why are prices soaring?
I searched for information on President Donald Trump’s plans to restore balance to the country after January 20th. However, in the meantime, it is crucial that the economy is stabilized quickly.
Walmart employee/Reddit:
Egg prices goes up when there’s an outbreak of avian flu. The chickens would have to be culled. Transportation costs, feed, and chickens required to be cage free is contributing to the rise as well. Despite working at Walmart, I find the our Fresh items are more expensive. I buy my Fresh items from Costco, FoodsCo, Winco, Save Mart, Smart & Final, or Grocery Outlet.
More Egg-related:
The rising cost of eggs has once again become a topic of concern for consumers, as inflation and overall price levels remain a worry. In July, egg prices saw their third consecutive month of increase compared to the previous year, a stark difference from the previous year’s declines. This can be attributed to the ongoing fight against the highly pathogenic avian influenza, or bird flu.
Consumer price index (CPI) data released this week revealed a 19.1% increase in egg prices in July compared to the same month the previous year. In contrast, the CPI for all items only rose 2.9% over the same period.
In addition to eggs, let’s take a look at bread. We all know bread is our favorite grocery item, whether it is wheat, whole grain or white. You need a good loaf for those hot dogs, polishes and peanut butter and jelly sandwiches.
Google:
In 2024, the average price of white pan bread in the U.S. is $1.937 per pound as of October. A standard loaf of sliced white bread is 20 ounces, so it would cost around $2.54.
Here are some other bread price trends:
- In January 2024, bread cost over $2 per pound, which was a 7.7% increase from the previous year.
- In June 2024, the price of bread increased by 11.5%, which was almost four times higher than the overall inflation rate.
- In August 2024, bread prices continued to rise and remained much higher than the previous year.
Bread prices are affected by global political events, and experts say that spikes in bread prices could happen again in 2024.
In conclusion, I caught up with Global Economist, Chairman of The Black Agenda, Dr. Lance McCarthy of California, here is what he had to say. “There is no discount at the grocery store despite your income. Wages haven’t kept up with inflation. It is imperative that we create more Black owned millionaire tech firms, while training our people on emerging technology to gain livable wages. We need to passed more business legislation for Black businesses, because Politics and Business are siblings.”
Click here to get the latest on High Price Food data from St. Louis Federal Reserve.
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