Rhode Island Sen. Jack Reed asked the Federal Trade Commission to open an inquiry into 'deceptive practices' and 'potential price gouging' as egg prices have jumped.
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.
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 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.
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