Egg prices rose 60% in 2022

One farm group claims it’s a ‘collusive scheme’ by suppliers

Egg prices soared to historically high levels in 2022 — and one group is alleging the trend is due to something more nefarious than simple economics.

Across all egg types, consumers saw average prices jump 60% last year — among the largest percentage increases of any U.S. good or service, according to the consumer price index, an inflation measure. Large, Grade A eggs cost $4.25 a dozen in December, on average — a 138% increase from $1.79 a year earlier, according to U.S. Bureau of Labor Statistics data.

The industry narrative has largely focused on a historic outbreak of avian influenza — which has killed tens of millions of egg-laying hens — as the primary driver of those higher prices. But Farm Action, a farmer-led advocacy group, claims the “real culprit” is a “collusive scheme” among major egg producers to fix and gouge prices, the organization said in a letter to the Federal Trade Commission. Doing so has helped producers “extract egregious profits reaching as high as 40%,” according to the letter, issued Thursday, which asks FTC Chair Lina Khan to investigate for potential profiteering and “foul play.”

U.S. regulator moves to block Microsoft’s takeover of Activision Blizzard

FTC concerned software giant would control too much of video game market 

The U.S. Federal Trade Commission said Thursday it is suing to block Microsoft’s planned $69 billion US takeover of video game company Activision Blizzard, saying it could suppress competitors to its Xbox game consoles and its growing games subscription business.

The FTC voted 3-1 to issue the complaint after a closed-door meeting, with the three Democratic commissioners voting in favour and the sole Republican voting against. A fifth seat on the panel is vacant after another Republican left earlier this year.

The FTC’s complaint points to Microsoft’s previous game acquisitions, especially of well-known developer Bethesda Softworks and its parent company ZeniMax, as an example of where Microsoft made some popular game titles exclusive despite assuring European regulators it had no intention to do so.

https://www.cbc.ca/