Is Inflation Created By Corporate Greed? Evidence From The Current Egg-Flation Episode
- “…[we] call for FTC to investigate record-high egg prices…price gouging, price coordination, and other foul play on the part of dominant egg producers…a collusive scheme to turn inflationary conditions and an avian flu outbreak into an opportunity to extract egregious profit…” – From a petition by an advocacy group to the Federal Trade Commission (Jan 19, 2023)
Eggs…eggs! – are a meme now, an inflation meme (The New York Times says so – “home cooks are flocking to the Internet to lament skyrocketing prices”). An 11% month-over-month surge in December was the largest gainer of the more than 200 separate components of the Consumer Price Index. Over the last year, the average price of dozen eggs is up 137% – and it has tripled since the start of the pandemic, emblematic of the “runaway inflation” that haunts the imagination of many amateur and even some professional economists.
The press has put forward the conventional hypotheses to explain egg-flation, which are reviewed, and refuted, in the previous column (here).
Read the full article here
Disclaimer: This report is auto-generated from the various news services (RSS Feeds). pressenachrichten.com holds no responsibility for its content.