Spike in egg prices raises gouging fear

Spike in egg prices raises gouging fear

An egg vendor in Samut Prakan's Pak Nam market puts up a sign saying she has sold out of fresh eggs. People have been rushing to stockpile eggs after the government urged everyone to stay home during the outbreak. (Photo by Somchai Poomlard)
An egg vendor in Samut Prakan's Pak Nam market puts up a sign saying she has sold out of fresh eggs. People have been rushing to stockpile eggs after the government urged everyone to stay home during the outbreak. (Photo by Somchai Poomlard)

Panic buying and possible price gouging by some traders is being blamed for the spike in the retail price of eggs which has prompted the Commerce Ministry to threaten stern legal action against profiteering.

Manote Chuthapthim, president of the Layer Chickens Association, said demand for chicken eggs in the past 10 days has surged based on fears of the spread of Covid-19 and the declaration of the emergency decree.

People have resorted to panic-buying after mistakenly believing they will be banned from leaving their homes.

Mr Manote said the price has mostly increased in the retail sector as eggs are still being sold at the normal price of 2.80 baht apiece outside farms. Moreover, farmers have not stockpiled their produce.

However, when people began hoarding eggs, the middlemen or retail shops may have pushed up prices, according to the association president.

The Commerce Ministry said daily egg output has remained stable at 41 million per day.

Size-3 eggs were being sold on Thursday at between 3.50-3.60 baht apiece at a central market in Bangkok managed by the Department of Internal Trade, which is about 50 satang higher than last month. However, the prices are higher than those recorded at the same time last year when the same-sized eggs cost 2.60 baht each.

However, people in some provinces have complained the price has gone up by three to four times.

In Nan, many shoppers bought eggs at Tang Jit Nusorn Market, leading to shortages. Some even made trips to farms to buy eggs directly from the source, leaving even less supply for shops.

An egg wholesaler based in Nan, who asked not to be identified, said stockpiling of eggs by consumers has contributed to the price spike. However, wholesalers have not been delaying supplies to push up prices as they are still delivering the same amount of eggs to shops.

Meanwhile, Commerce Minister Jurin Laksanawisit ordered a ban on egg exports starting on Thursday to ensure there is sufficient supply for domestic consumption. The ban will remain in effect until the Covid-19 crisis eases.

At the same time, the ministry inspected markets in several provinces on Thursdayafter the emergency decree was declared and found eggs were priced at 2.80-2.90 baht each on average with no one charging more than 3.50 baht each.

However, many shops were short on eggs. Some shop owners said the supply of eggs has been lower than they had ordered.

They said shoppers, who previously bought only four to five eggs at a time, were now purchasing them by the dozen or more.

The minister said shops owners who jack up the price of eggs may be jailed for up to seven years or fined a maximum of 140,000 baht.


Do you like the content of this article?
COMMENT (29)

Deputy House Speaker Supachai hit with encroachment ethics probe

Deputy House Speaker Supachai Phosu is facing an ethics probe in connection with his alleged encroachment on a forest reserve in Nakhon Phanom.

17:56

More pumps to drain flooded Chiang Mai

CHIANG MAI: At least 20 large pumps will be installed to help drain water from flood-hit Chiang Mai city.

17:53

Ritual piercings mark annual Taoist festival in Phuket

PHUKET: Worshippers in this island resort province have celebrated a nine-day Taoist festival, with many piercing their faces with metal spikes and walking on hot coals to show devotion to deities.

17:48