19 October 2009

1 minute read

Asia

The price of hanwoo is soaring when it should be falling, according to several retail sources yesterday reports The JoongAng Daily. Usually the beef gets cheaper after Chuseok, when families eat the meat to celebrate, but this year prices are still on its rise.

The average price of one kilogram (2.2 pounds) of hanwoo at the end of September, several days before the harvest holiday, was 18,096 won ($15.67), but that had jumped to 19,105 won by 12 October.

The price usually falls after the holiday since there is less demand, but even several days after Chuseok ended, on 9 October, one kilogram of the best quality hanwoo was selling for 22,677 won, the highest price ever.

The Ministry for Food, Agriculture, Forestry and Fisheries is examining the rising costs, calling it a rare phenomenon.

“We had expected the price [of hanwoo] to fall after Chuseok,” said an official from the ministry. “But it hasn’t yet, which is rare, so we are currently observing the situation.”

The official said the continuing price hikes could mean that consumer demand for Korean beef is growing during a season when supply is usually weak.

TheCattleSite News Desk