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2025-03-08 Economy
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'Greedy' egg baron who jacked up the cost of your breakfast to make billions
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[Daily Mail, where America gets its news] A shocking new report is blaming the nationwide egg crisis not on bird flu, but on 'greedy' companies that upped their prices long before an outbreak.
Among them is a single egg producer from Mississippi, which has made billions from egg sales since 2023.
According to the new report by Food & Water Watch, the company — Cal-Maine — jacked up its prices even before it was hit by the avian flu outbreak in December 2023.
The company sold 7 percent more eggs in its 2022-23 financial year than in 2021-2022.
But because it upped prices and pocketed an extra $1 off every dozen sold, its profits jumped sevenfold to $1.2 billion that year, the report says.
'Cal-Maine fleeced $1 billion in additional profits from its customers — mainly retailers, who often pass along price spikes to families,' says the report.
'Cal-Maine's shareholders especially benefited. The company's stock is roughly three times as valuable today as it was at the start of the bird flu outbreak.'
Researchers call this 'outrageous at a time when food costs are skyrocketing and more families than ever can't put food on the table.'
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Posted by Skidmark 2025-03-08 07:43||
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Posted by Bobby 2025-03-08 12:45||
2025-03-08 12:45||
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