Major egg producers settle price inflation probe for $3.3 million
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- The allegations of collusion come amid an affordability crunch among U.S. consumers and as inflation has risen at its fastest pace in more than three years.
- Egg prices became a poster child of sorts for high inflation in the aftermath of the Covid-19 pandemic.
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The U.S. Department of Justice and 17 state attorneys general reached a $3.3 million settlement with three of the nation's largest egg producers for alleged price manipulation that "artificially increased" egg prices for consumers and retailers, the coalition said Monday.
The egg producers — Cal-Maine Foods, Versova and Hickman's Egg Ranch — "illegally coordinated" over nearly three years to inflate a daily price index for eggs, the coalition alleged, citing the results of an investigation into egg-price collusion that began more than a year ago.