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If you have been living in New York City for the last four to five years, you may have noticed a gradual increase in breakfast prices over time. Be it a normal platter of eggs and toast or a complete English Breakfast, the prices have increased at an alarming rate in the last few years.
With worldwide inflation shaking international economies, a slight increase in the price of groceries and food doesn't seem much surprising, but New Yorkers have always had it rough.
As per the salary and expense survey website Payscale, New York citizens are paying around 39% more on average for regular breakfast essentials like - milk, potatoes, bread, and eggs. CNBC reports that breakfast prices are only going to increase due to inflation and other crucial factors, thus making things seriously concerning for NYC citizens.
The reason behind the increase in breakfast prices in NYC
The New York City lifestyle is often a bit costlier in comparison to any other part of the United States, but the current increase in grocery and breakfast prices is making things literally unbearable for people. Even with the inflation rate going down, New Yorkers can't seem to see a ray of hope for now.
For those wondering what's causing the price hikes, here's a list of the reasons:
1) Inflation
The on-going war between Russia and Ukraine has led to a rise in global inflation. An imbalance between the supply and demand chains has resulted in a rise in breakfast prices in the market. The power struggle between the two grain-producing countries has highly affected the price of bread in NYC.
As per CNBC reports, even though the inflation has decreased from 7.7% in October to the current 5.2%, prices of items will continue to be higher than normal at 8.37% in the coming year.
2) Avian Flu
As egg prices reach a skyrocketing high in New York City, Fox 5 reports that the breakfast staple is 49% more expensive than last year. Earlier you could get a dozen eggs for as low as $1.88, but currently you may have to shell out more than $5 for a dozen white eggs.
The monstrous increase in egg prices has been greatly due to the death of egg-laying chickens from Avian-Flu. As per reports from Poultry World, between February and June this year, the country saw massive avian influenza, resulting in the loss of 40.1 million birds.
3) Wrongful Pricing
Though demand and supply sure affects prices, brands have also been trying to make a good profit out of the situation by keeping prices a bit higher than needed.
Reports and statistics from Fox 5 show an increase of 34% in the price of butter, while ground coffee is selling at an increased rate of up to 27%. With customers being forced to cut down on their daily groceries because of the increased breakfast prices, brands are still making massive profits by hiking their prices wrongfully.
Breakfast prices are expected to increase even further in the upcoming year, leading to a period of uncertainty among New York residents. People across New York City also seem to be agitated towards the government and the relevant officials, who are said to have done poorly regarding price hikes on groceries and food products.
