Who believes this is inflation? Egg Producers Accused of Price Gouging After 718% Profit Revealed
Mississippi-based fresh egg producer Cal-Maine Foods has been accused of price gouging on social media. It was revealed that the company doubled its revenues and grew its profit by 718 percent in the last quarter, as egg prices skyrocketed across the U.S.
"Price gouging," tweeted political consultant Nathan Schneider commenting on the news. "It's not inflation. It's price-gouging," agreed another Twitter user, while a third wrote: "Egg Price Gouging at its best. 718% profit increase."
The price of eggs skyrocketed in December 2022, when a dozen large Grade A eggs cost American consumers $4.25 on average. This was more than double what they paid a year before, an average of $1.79 according to data from the U.S. Labor Department's Bureau of Labor Statistics (BLS).
Democratic Senator Elizabeth Warren of Massachusetts and Representative Katie Porter of California sent a letter to Cal-Maine and other major egg producers in February. It read: "American families working to put food on the table deserve to know whether the increased prices they are paying for eggs represent a legitimate response to reduced supply or out-of-control corporate greed."
https://www.newsweek.com/egg-producers-accused-price-gouging-after-718-percent-profit-revealed-1791410
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