Eggs at a supermarket (Image courtesy of Yonhap)
SEOUL, June 16 (Korea Bizwire) – The antitrust regulator said Monday it has launched an investigation into the Korea Egg Producers Association (KEPA) over allegations that the group played a leading role in driving up egg prices.
According to the Fair Trade Commission (FTC), investigators were dispatched to the association’s offices to look into suspicions that KEPA forced member companies to adhere to officially announced price guidelines and thereby influenced egg prices in the market.
The farm gate price of eggs announced by the association has risen approximately 30 percent, from 146 won per egg in March to 190 won recently.
The current price is 6 percent higher than the same period last year and 4.2 percent above the average seasonal level.
If KEPA is found to have compelled its members to follow the posted prices, the act could constitute a violation of the relevant law, which prohibits unfair collective actions by business associations.
(Yonhap)
