Eggs again? The Washington Post reports that yet another chicken plague is tanking supply:
Eggs have vanished from many U.S. grocery shelves in recent weeks, sparking consumer fears that a shortage could coincide with the holiday season. Egg production in the U.S. dropped 2.6 percent in October from a year ago and is projected to decline 1 percent in 2024 compared to 2023, the U.S. Department of Agriculture (USDA) reported in a Friday release.
Hmmm. 2.6% doesn't seem like much, does it? But apparently it is:
The price of eggs has nearly doubled in response to a 2.6% decline in supply? Eggs must have an elasticity from hell. Sales are holding up fine:
Are egg producers really selling 97.4% of their normal egg supply for twice the price? That seems . . . not very likely. What's going on?