The Fair Trade Commission(FTC) has launched an on-site investigation into the Korea Egg Producers Association amid suspicions of price collusion, as egg prices reached their highest levels in four years.

On Monday, FTC officials conducted raids at the association’s headquarters in Osong, North Chungcheong Province, and at its Gyeonggi and South Chungcheong branches.

The investigation focuses on whether the association drove up prices by issuing official pricing guidelines and pressuring its member companies to follow them.

Established in 2022, the association reportedly raised the recommended wholesale price of eggs by about 30 percent, from 146 to 190 won per egg, between March and June.

Consumer prices have followed, with a carton of 30 large eggs averaging seven-thousand-26 won, or approximately five U.S. dollars and ten cents, last month, the highest average price since July 2021.

The association maintains that the price increase was driven by government regulations and excessive markups at retail stores.