Mayor of New York City Eric Adams The state of emergency was declared on Sunday to keep the price of infant formula low.
“The nationwide shortage of infant formula has caused unimaginable pain and anxiety for families across New York – and we must act urgently,” the mayor said in a news release. “This urgent executive order will help us crack down on any retailer seeking to capitalize on this crisis by raising the price of this essential item.”
Emergency Executive Order 98 cites Section 5-42 of Title 6 of the New York City Rules, which protects certain products from fatally rising prices. According to the code, an excessive inflation is defined as 10 percent or more of the average retail price.
“As there is a shortage of national child resources locally, we are using the tools available to us to protect consumers and working families,” said the deputy mayor for economic and workforce development. Maria Torres-Springer The press release said. “The action we are taking with this urgent announcement and executive order sends a clear message to any dishonest actors who may try to take advantage of this situation: not in New York City.”
Nationwide, more than 40 percent of retailers do not have formula stock. That number is slightly higher than the national average in tri-state areas, where retailers do not have 43 percent stock.
The lack of formula was due to the withdrawal of the name-brand formula Abbott nutrition. This has affected all sources produced in Michigan. The supplier’s plant was later shut down.
President Joe Biden Introduced the Defense Production Act, so that US-based child formula makers could access the materials needed to create formulas. On Sunday, the first batch of imported formulas arrived in the United States. The first flight “Operation Fly Formula” landed in Indiana with over 70,000 pounds. Sources on the board.