High Egg Prices Due to Consolidation
“We saw nothing that justified these price hikes, they are up 138% Since last year, that's more than double. Meanwhile, companies that haven't reported a single case of avian flu are raking in record profits.”
Sarah Carden also with Farm Action says a lack of competition is the real culprit when it comes to high egg prices at grocery stores.
“But instead what we see is all of them raising their prices, which just leads to this conclusion of collusion.”
Farm Action sites that Cal Maine foods controls 20% of the retail egg market, and they reported quarterly sales up 110% and gross profits up more than 600% over the same quarter in the prior fiscal year. That according to a December filing with the Securities and Exchange Commission