It's 2025 and breakfast food prices continue to soar
2025-01-13
Category: economic

Soaring grocery prices have wreaked havoc on Americans&apos; budgets in recent years, and while inflation overall has eased, the prices of some foods &#x2013; particularly a handful of breakfast staples &#x2013; continue to soar. &quot;At the end of 2024, American consumers saw some of the fastest-rising prices for food &#x2013; especially breakfast items, in a year,&quot; said Nich Tremper, senior economist at Gusto. &quot;Staples like coffee, eggs, orange juice, and beef saw price increases driven by a variety of factors, including severe weather, illness, and state-based regulations.&quot;  Tremper said prices for food away-from-home, a category for consumer purchases at restaurants, increased even more than food-at-home. SHRINKING COLORADO RIVER WILL TAKE A TOLL ON THE NATION&apos;S FOOD SUPPLY Here&apos;s why the prices of some breakfast foods have spiked:  The latest consumer price index (CPI) released by the Labor Department shows the price of eggs jumped 8.2% in November, and according to The Wall Street Journal, the price of a dozen eggs is now at $5.77 &#x2013; up 146.6% from 2023. Egg prices have been elevated since 2023 due to the combination of seasonal price increases during the holidays and disruption in egg supply due to bird flu.&#xA0; EGG PRICES ARE HIGHER AND WILL CONTINUE INTO 2025 &quot;In the U.S., egg prices have skyrocketed due to avian influenza outbreaks, which have wiped out millions of egg-laying hens, drastically reducing supply, &quot; Professor Sylvain Charlebois, director of the agri-food analytics lab at Dalhousie University, told FOX Business. Charlebois said rising feed costs and labor shortages in the agricultural sector have compounded the issue, driving up production and retail costs.   According to The Journal, the price of ground coffee in stores jumped 11% over the past year to an all-time high, according to Labor Department data. &quot;Coffee prices in the U.S. are affected by global weather disruptions, particularly in Brazil and Colombia, where droughts and frosts have hurt production,&quot; Charlebois explained. &quot;Domestic supply chain challenges, including port congestion and higher shipping costs, are further inflating prices, alongside growing demand for specialty and premium coffee.&quot;   &quot;The U.S. orange juice market is reeling from citrus greening disease, which has decimated Florida&#x2019;s orange groves, reducing yields to historic lows,&quot; Charlebois said. &quot;Extreme weather events like hurricanes in the Gulf region and increasing costs for inputs such as fertilizers and transportation are driving prices even higher for American consumers. HERE&apos;S WHY GROCERS ARE REALLY RAISING PRICES The Journal said the average price of orange juice concentrate has surged by 90% over the past five years, and the price per pound sits at $4.77, an increase of 18.4% from last year.  Folks who like steak and eggs for breakfast are getting a double whammy these days.  &quot;U.S. beef prices are rising due to high feed costs driven by droughts that have impacted corn and hay supplies,&quot; Charlebois explained. &quot;With higher prices now, many ranchers are exiting the industry to cash out.&quot; GET FOX BUSINESS ON THE GO BY CLICKING HERE The Journal said Labor Department data shows the price of sirloin steak is up 16.7% from 2023, now sitting at around $15.09 per pound.&#xA0;