WASHINGTON (WPRI) — Sen. Jack Reed is looking to crack down on the soaring price of eggs.
Reed sent a letter to Federal Trade Commission Chair Lina Khan Tuesday, requesting the agency look into “potential price gouging and other deceptive practices by the country’s largest egg companies that appear to be contributing to the cost increases for American consumers.”
“At a time when food prices are high and many Americans are struggling to afford their groceries, we must examine the industry’s role in perpetuating high prices and hold those responsible accountable for their actions,” Reed wrote.
Reed said eggs are “a household staple used in the preparation of many types of foods,” which is why he believes the FTC should investigate the potentially artificial prices.
Egg prices have skyrocketed by 138% in December 2022 as compared to the previous year, according to the Bureau of Labor Statistics.
The price hikes are being attributed to the lingering bird flu outbreak, as well as soaring feed, fuel and labor costs.
But Reed said the U.S. Department of Agriculture recently revealed that the price hikes in the egg sector were “much larger than the decreases in production” caused by the bird flu.
“Consumers are used to seeing some volatility in the egg pricing market, but the current price spike in the industry’s favor warrants careful scrutiny,” Reed said. “Independent federal watchdogs should look at the facts and follow the evidence to ensure consumers are treated fairly.”