Robert Besser
25 Jan 2023, 04:36 GMT+10
WASHINGTON D.C.: In a letter sent out this week, farm advocacy group Farm Action said that as Americans continue to pay more than ever for eggs, the Federal Trade Commission should examine high egg prices for signs of price fixing by major egg companies.
According to the Bureau of Labor Statistics, the price of eggs rose 138 percent in December from 2021, to $4.25 a dozen.
In its letter to FTC chair Lina Khan, Farm Action stressed that while the US Department of Agriculture blamed avian flu for high egg prices, the country's antitrust regulator should also investigate the record-high profits of leading egg companies.
According to a late December filing with the Securities and Exchange Commission, Cal-Maine Foods, which controls 20 percent of the retail egg market in the United States, reported a quarterly sales rise of 110 percent and gross profits of more than 600 percent, over the same quarter in the previous fiscal year.
The company said its record sales were due to the fact that lower national egg supplies due to avian flu drives up prices, despite there being no positive avian flu cases on any of its farms.
USDA data showed that in October, US egg production was some 5 percent lower than last year, while egg supplies were down 29 percent in December, compared to the start of the year.
"We want the FTC to dig in and see if consumers are being price gouged," said Basel Musharbash, a lawyer representing Farm Action, as quoted by Reuters.
In a statement, Cal-Maine said that higher production costs, along with avian flu, caused higher prices.
In a statement, egg marketing group American Egg Board said that egg prices are influenced by various factors, adding that wholesale egg prices are beginning to drop.
Get a daily dose of San Francisco Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to San Francisco Star.
More InformationThe United States is the only Western nation among the world's 50 most conflict-ridden countries, according to new research that ...
(Photo credit: Jayne Kamin-Oncea-USA TODAY Sports) Running back Austin Ekeler will be sidelined for the second straight game when the ...
When Donald Trump spoke at the UN, everyone laughed. Now, Uncle Sam is just sadAhead of the latest UN General ...
Washington, DC [US], September 23 (ANI): The I2U2 group of India, Israel, the United Arab Emirates and the United States ...
(Photo credit: Stan Szeto-USA TODAY Sports) Head coach Kyle Shanahan and general manager John Lynch signed "multi-year" contract extensions with ...
(Photo credit: Eric Bolte-USA TODAY Sports) Two teams in much different spots will cross paths Saturday night when Eastern Conference-leading ...
MARTIN COUNTY, Florida: An Amazon driver making a delivery to a Florida home this week was bitten by a rattlesnake ...
CALGARY, Canada: From early 2024, the long-delayed and controversial Canadian government-owned Trans Mountain oil pipeline expansion (TMX) is expected to ...
ISLAMABAD, Pakistan: Pakistan's Supreme Court proceedings were broadcast live on state television on Monday, providing an unprecedented glimpse into the ...
MORGANTOWN, Pennsylvania: Pennsylvania state police said that nine teenage boys who escaped from the Abraxas Academy detention center this week ...
ANCHORAGE, Alaska: Anchorage is struggling to find housing options for more than 3,000 homeless residents, as the city's mass shelter ...
SEOUL, South Korea: Thousands of South Korean educators and school staff gathered in Seoul over the weekend to demand increased ...