Since the COVID-19 pandemic started back in 2020, supply chain issues have caused problems. Then, things like Putin’s inhumane war on Ukraine and the avian flu that ran through chicken farms across the United States only made things worse. Gas and grocery prices have soared over the past 8 or so. At the top of the “I can’t believe how much this costs now” list was the staple food of eggs.
The price of eggs got so absurd that The Wall Street Journal suggested that those who couldn’t afford to pay the higher prices should just skip breakfast. (Not elitist at all!) As we previously reported, many of the companies that were hiking prices to the point of ridiculousness saw record profits while the rest of us wondered how we were going to buy food. Now, it seems that at least one egg company sold consumers up the river to have record-breaking profits.
Someone has egg all over their face …
Originally reported on CNN Business, Cal-Maine Foods saw a 718% profit increase in its last quarter. They are the largest producer of eggs in the United States, controlling around 20% of the entire egg market. To put it in dollars, Cal-Maine Foods saw an income increase from $39.5 million to $323.2 million in one year. IN ONE YEAR! This vast surplus is due almost entirely to the raised egg prices. It means that many shoppers paid well over the actual cost of eggs not to keep the supply chain going or to help keep farms running, but so the people at the top could have more money.
With Easter coming just around the corner, eggs are in high demand. Prices have gone down, but not enough for some folks. I had another mom say to me the other day that she was going to skip dyeing eggs this year because of the cost. It seems so pitiful that some parents can’t afford eggs for a fun activity with their kids while we know that these price hikes are only helping the rich get richer.
We saw the same thing happen with gas prices last year. Prices went so high that people weren’t sure if they could afford to drive to work. Republicans pointed the blame at Biden (did anyone else see those ridiculous stickers of Biden saying “I did that” stuck to their gas pumps?), which was completely unfounded. Then all of those big oil companies reported some of the highest profits they had ever seen.
It’s also worth noting that big oil donates large amounts of money to primarily Republican politicians. So, next time we see price hikes, let’s ask who this is benefiting and maybe start pushing for more regulations on big businesses that like to watch the rest of us suffer for the benefit of the rich, just because they can get away with it. To paraphrase Disney’s Beauty and the Beast, six eggs are too expensive.
(via CNN Business, featured image: Disney)
