The world economy is complex, but today’s series of maps will allow you to simplify your understanding of the relative wealth of people around the globe.
Global Finance Magazine recently collated data from the World Bank on Gross National Income (GNI) per capita for 204 countries.
Each country was placed in one of four groups:
Low income: $1,045 or less
Lower-middle income: $1,046 to $4,125
Upper-middle income: $4,126 to $12,745
High income: $12,746 or more
The good people at HowMuch.net, a cost information site, helped to transform this information on the richest and poorest countries into the following visuals:
The Richest and Poorest Countries
Based on the data of 204 countries, below is a breakdown of the number of countries that fall within each of the four income groups listed above.
- Low income: 17%
- Lower-middle income: 25%
- Upper-middle income: 26%
- High income: 32%
As a side note, the World Bank has recently revised the poverty line to US$1.90 per day using 2011 PPP, which is equal to an income of $693.50 per year. This was mainly due to rising food prices.
Charted: U.S. Egg Prices More Than Double in 2022
This chart shows the increase in the national average price of a dozen Grade A eggs in the U.S. in 2022.
Charted: U.S. Egg Prices Double in 2022
Eggs are a staple food for many countries around the world, and the U.S. is no exception. Americans eat between 250‒280 eggs a year on average.
Eggs are also easy to cook, protein-dense and supply many daily vitamins needed for healthy living, making them a popular meal or ingredient. So when egg prices rise, people notice.
MetalytIQ charted the rapid rise of egg prices in the U.S. during 2022, using data from the U.S. Bureau of Labor and Statistics (BLS).
Over the course of 12 months, the national average price for a dozen large Grade A eggs more than doubled, to $4.25 in December from $1.93 in January.
|Egg Prices Per Month (2022)||Price per dozen|
The biggest culprit has been an avian flu outbreak that resulted in 43 million chickens culled to prevent the spread of the disease.
This led to a severe shortfall in egg supply. Egg inventories in December had fallen by one-third compared to January. Combined with increasing demand during the holiday season, prices skyrocketed and empty shelves became apparent in some states.
This is not the first time avian flu has disrupted the industry.. In 2015, a similar outbreak pushed egg prices up 40% in nine months, reaching a high of $2.97 per dozen eggs in September 2015.
Will Egg Prices Drop in 2023?
Avian flu isn’t the only storm the egg industry has been facing in 2022.
In the near-term, egg prices are expected to remain high. Containing the avian flu outbreak will remain the biggest factor in determining the prices, but as suppliers increase production, prices may cool off a little in 2023.
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