Cal-Maine Foods, which controls 20% of the retail egg market, reported quarterly gross profits up more than 600% in December.
he price of eggs has skyrocketed in recent months, up 138% year-over-year last month. A dozen eggs now averages about $4.25, due in part to avian flu, which is tearing through poultry farms across the U.S.—wiping out some 58 million birds in the last year.
Farm Action claims the “real culprit” behind the massive price increases is “a collusive scheme among industry leaders to turn inflationary conditions and an avian flu outbreak into an opportunity to extract egregious profits.” “Avian flu is not manufactured—it’s real,” says Joe Maxwell, the co-founder of Farm Action. “But the dominant firms are using that supply chain disruption to gouge the consumers. The numbers in our letter clearly indicate that the production loss due to avian flu was minor compared to the prices being charged.”
Regulators and industry groups have long argued over whether corporations should have the power to set prices and drive up the cost of groceries, especially during times of crisis.
France Dernières Nouvelles, France Actualités
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