With egg prices more than doubling in the past year, calls are coming for an investigation into possible price gouging. The national average retail price of a dozen eggs hit $4.25 in December, up from $1.79 a year earlier, according to the latest data.
But even though roughly 43 million of the 58 million birds slaughtered over the past year to help control bird flu have been egg-laying chickens, the size of the total flock has only been down 5% to 6% at any one time from its normal size of about 320 million hens.of a dozen eggs hit $4.25 in December, up from $1.79 a year earlier, according to the latest government data.
But trade groups say egg prices are largely determined by commodity markets, and experts say the bird flu outbreak — combined with the skyrocketing cost of fuel, feed, labor and packaging and continued strong demand for eggs — is the real culprit for the price increases. Purdue University agricultural economist Jayson Lusk said “in my view, the basic economics of the situation well explain the price rise.” He said small reductions in egg supply can result in large price increases because consumer demand for eggs doesn’t waiver much.The FTC didn’t immediately respond Tuesday to questions about the egg price-gouging concerns, but the agency doesn’t generally comment on outside requests for investigations.
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Sen. Jack Reed asks FTC to investigate possible price gouging of eggsSen. Jack Reed is asking the Federal Trade Commission to investigate possible price gouging by big egg companies because of the high price of eggs.
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Soaring egg prices prompt demands for price-gouging probeWith egg prices more than doubling in the past year, calls are coming for an investigation into possible price gouging.
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