In markets, you can’t be surprised by anything. But we doubt anyone had egg prices being the hottest conversation topic on their 2022/2023 bingo card. 📝
However, it’s totally true. Egg prices have absolutely soared and are now the talk of the town.
Don’t believe us? Look no further than Kyla Scanlon, who nailed the current *ridiculous* sentiment… 🥚
the eggconomy is in scrambles
— Kyla Scanlon (@kylascan) January 11, 2023
Or unusual_whales, who created a “Breakfast Index” to help track prices.
🍳NEW FEATURE🍳
Egg prices have soared, in some places up 550%
This is why I made the Breakfast Index.
It is an index composed of the costs of bacon, bread, coffee, orange juice, eggs, milk and sugar.
It's never been higher.https://t.co/AIEZqwKbJH pic.twitter.com/Swmg19w2wc
— unusual_whales (@unusual_whales) January 11, 2023
Well, we don’t have any good news about egg prices coming down anytime soon. But we wanted to add some good news for coffee lovers to the conversation. 🫘
While commodity-related assets were among the best performers in 2022, coffee futures had a rougher year than their peers. And so far, their decline has continued, with prices only slightly above where they began in 2020.
The food component will be a big component of tomorrow’s Consumer Price Index print. Food prices at home and away have kept the pressure on several key inflation measures, even as energy prices have come down in recent months. 🥫
And while coffee futures have come down in price, several other food-related commodities haven’t yet. Even so, it takes time for those price declines to work their way through the economy and into consumer prices. As a result, we’ll have to see what the inflation print ends up being.
For now, though, coffee lovers can drink up. The (downward) trend remains your friend. ☕
Just maybe skip the eggs with breakfast for a while. 😜