A post dealing with Agency pricing (but in Canada) was addressed on the Kobo Facebook page by a Kobo employee:
"Just like with print books, Canadian customers are often faced with higher list prices. Unfortunately the eBook world is further complicated by agency pricing in the US. If the title you were looking at was published by one of the "big 5" agency publishers (Penguin, Simon & Schuster, Hachette, HarperCollins and Macmillan) you're most likely looking at a US agency price which is only applicable in the US. US publishers don't sell eBooks directly to "international customers" and because most Canadian branches of US publishers have not yet gone agency, publishers are still sending retailers much higher Canadian retail prices. On the flip side, retailers are allowed to discount in Canada where they can't in the US. "