Egg Price Gauging?
We have discussed right here on this program the increase in prices at the grocery store, especially for those eggs. While there have been some reasons that we can substantiate that price increase with - avian influenza, general inflation - is the increase for egg prices in line?
A U.S. farm group is asking the Federal Trade Commission to look into the higher prices of eggs and possible price gouging. Farm Action is a farmer-led advocacy organization that sent a letter to FTC Chair Lina Khan to share their concerns over “apparent price gouging.” They point out that Americans are paying more than ever for an important household staple.
The USDA says a recent record outbreak of highly pathogenic avian influenza is the reason for the high prices.
The group says the nation’s top antitrust regulator must look into the record-high profits of the nation’s top egg company. Cal-Maine Foods controls 20 percent of the retail egg market and reported a quarterly sales increase of 110 percent. Gross profits are 600 percent higher than the same time last year. The company says avian flu is driving up prices. However, Cal-Maine had no positive flu tests on any of its farms.