Justice Department investigating surge in egg prices: report
When will egg prices go down?
Egg prices soared to a record high amid an ongoing bird flu outbreak in the U.S. The average price of a dozen Grade A eggs reached $4.95 in January, surpassing the previous record of $4.82 set two years earlier and more than double the low of $2.04 in August 2023, citing the latest consumer price index. When will prices go down? Frances Stacy, Economic Strategist joined LiveNOW from FOX to discuss.
The U.S. Department of Justice is investigating the recent surge in egg prices, according to a report.
Antitrust enforcers with the department are looking into the cause of rising prices, including whether egg producers have conspired to artificially inflate them by holding back supply, The Wall Street Journal reported, citing sources.
Egg prices have nearly doubled in the last year and the U.S. Department of Agriculture (USDA) predicts they could rise again by 41% over this year.
The department said last month it is willing to invest as much as $1 billion to address egg prices.
AMERICANS TAKE TO RAISING THEIR OWN CHICKENS AMID NATIONWIDE EGG SHORTAGE
Signage notes a limit on eggs at a grocery store in Manhattan Beach, California, on Jan. 2. (Patrick T. Fallon / AFP / Getty Images)
The rise in prices has been partially fueled by the bird flu, which has led to the slaughter of more than 166 million birds to stem the spread, with most being egg-laying chickens.
The bird flu epidemic, which began in 2022, is the deadliest in American history.
Secretary of Agriculture Brooke Rollins' "five-pronged strategy" is aimed at curbing the growing number of bird flu outbreaks.
As part of its plan, the government agency plans to invest an additional $500 million into biosecurity measures, $400 million in financial relief for affected farmers and $100 million for vaccine research. The department is also looking to find ways to reduce regulatory burdens and explore temporary import options.
Eggs for sale at 74.9 cents per egg from a supermarket in Monterey Park, California, on Feb. 10. (Getty Images)
President Donald Trump, in his primetime address to Congress on Tuesday night, said his administration would combat the "inflation nightmare," which includes high egg costs.
Trump said the price of eggs has gotten "out of control" and that his administration is "working hard to get it back down." The price of a dozen eggs is now averaging around $5.00 or even higher in some regions.
NATIONWIDE EGG SHORTAGE HAS SHOPPERS TURNING TO FACEBOOK MARKETPLACE
U.S. consumer confidence plunged sharply last month after inflation ticked higher in January, up 3% on an annual basis. However, egg prices, in particular, have been a major pain point for consumers as the industry grapples with ongoing bird flu outbreaks.
U.S. consumer confidence plunged sharply last month after inflation ticked higher in January, up 3% on an annual basis. However, egg prices, in particular, have been a major pain point for consumers as the industry grapples with ongoing bird flu outb
"Farmers know people are frustrated and they are frustrated too by the situation," Emily Metz, who is chief executive of the American Egg Board, told the Journal. "They know they are not able to put on the volume of eggs that people want."
Antitrust attorney Lisa Phelan told the outlet that antitrust investigations into an unusual rise in costs due to supply chain issues are common.
"There can be anticompetitive efforts to deal with the crisis and that is not OK either," she said.
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FOX Business has reached out to the Justice Department for comment.
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