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Spike in egg prices leads senator to call for price-gouging investigation
Egg prices skyrocket across the country
FOX Business correspondent Lydia Hu has the latest on the impact of the avian bird flu on ‘America’s Newsroom.’
Sen. Jack Reed on Monday called for the Federal Trade Commission to open an investigation into "potential price gouging and other deceptive practices" as egg prices have spiked.
The Rhode Island Democrat noted in a letter to the agency's chair, Lina Khan, that the price of a dozen eggs climbed 138% in December compared with the same time a year prior, citing data from the Bureau of Labor Statistics.
Egg prices in December climbed to $4.25 from $1.79 during the same period in 2021, a 138% increase, according to data from the Bureau of Labor Statistics.
The spike in egg prices has been attributed to the millions of chickens that were slaughtered to limit the spread of bird flu and farmers having to compensate for inflation driving up their costs.
The largest U.S. producer of eggs, Cal-Maine Foods, was singled out by Reed because it reported last month that its quarterly sales had jumped 110% to $801.7 million on the record egg prices, helping it generate a $198.6 million profit, up from just $1.1 million a year earlier.