Clucking eggcellent: Cost of Saudi eggs skyrockets to $5
Saudi eggs have had a 58 percent price increase. One tray of 30 eggs can now cost as much as $5. (Shutterstock)
Egg prices at retail stores in Riyadh have recorded an increase of 58 percent. The price of a 30-egg tray has risen from SR12 to SR18.95 ($5) at some stores.
Investors in the poultry sector have blamed retail traders for the price hike.
Investors predicted that prices would continue their uptrend in the coming months due to the pilgrimage season, when demand normally doubles, especially in the Western region. They said egg prices dropped 30 percent in Ramadan and that investors consequently suffered heavy losses.
Abdullah Al-Ghadi, the head of poultry producers, said that retailers are to blame for rising prices, adding that the consumption of eggs in the month of Ramadan fell 30 percent and that demand increased during the school season.
He stressed that the egg production cycle varies from one season to another, which leads to price differences in those seasons, as retailers periodically earn more than producers.
Investor Fahad Al-Hamoudi confirmed that egg tray prices dropped in Ramadan, reaching SR8, which has caused big losses to producers.