Fluctuations of the electromagnetic field produced by quantized matter in an external electric field are investigated. A general expression for the power spectrum of fluctuations is derived within the long-range expansion. It is found that in the whole measured frequency band, the power spectrum of fluctuations exhibits an inverse frequency dependence. A general argument is given showing that for all practically relevant values of the electric field, the power spectrum of induced fluctuations is proportional to the field strength squared. As an illustration, the power spectrum is calculated explicitly using a kinetic model with a relaxation-type collision term. Finally, it is shown that the magnitude of fluctuations produced by a sample generally has a Gaussian distribution around its mean value, and its dependence on the sample geometry is determined. In particular, it is demonstrated that for geometrically similar samples the power spectrum is inversely proportional to the sample volume. Application of the results obtained to the problem of flicker noise is discussed.