North Central College in the News
North Central College economic professor quoted in U.S. News & World Report
Feb 28, 2023
Ryan Decker gave economic perspective on why are eggs so expensive
As inflation continues to be on the minds of many Americans, grocery prices are rising at a record pace. Rising milk, egg and margarine prices have contributed to grocery prices in the four weeks to 19 February rose 17.1% from a year ago, the highest rate since its records began in 2008. Food prices began to surge last year when the war in Ukraine triggered a huge rise in energy costs and disrupted supplies of grains, vegetable oils and fertilizer. While prices at supermarkets have risen, all of the big chains are competing fiercely to maintain their market share amid the cost of living crisis.
Ryan Decker, assistant professor of economics and director of the Center for Financial Literacy at North Central College, was quoted in U.S. News & World Report, where he provided an economic perspective as to why eggs—specifically—are so expensive.
“Eggs are such an integral part of an American diet that most people buy eggs regardless of the price,” said Decker. “As the price of eggs increases, we’ll complain more, but we’ll still buy them. That's what's keeping the prices high. If everybody’s buying expensive eggs, the farmers and retailers don’t have a lot of incentive to lower the price, especially if that means taking a hit on their own profits.”