Business News Asia
U.S. Egg prices reached record highs in 2022, with farmers blaming the price increase on bad behavior by egg producers rather than economic factors. According to the Consumer Price Index, a measure of inflation, the average price of eggs of all types jumped 60% last year, the largest percentage increase of any U.S. product or service.
Data from the U.S. Bureau of Labor Statistics showed that large grade A eggs cost $4.25 a dozen in December, an average increase of 138% from $1.79 in 2021. Most experts believe that the avian influenza epidemic, which killed tens of millions of laying hens, is the main driver of the rising egg prices.
Farm Action, a farmer-led advocacy group, said in a letter to the US Federal Trade Commission (FTC) that the “real culprits” behind the egg price increase were major egg producers who colluded in setting up the “best egg market” and overcharged consumers. The group claims that price-fixing eggs cost producers up to 40% of their profits and urged the FTC chairman to investigate potential trade-offs, including unfair practices.