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Pork and Chicken Lead Spike in Meat Prices

by 5m Editor
11 November 2011, at 6:38am

SOUTH KOREA - Prices of pork and beef imports were spiked in October from a year earlier, the customs agency said yesterday, amid worries that rising costs of imported meat could put upward pressure on inflation.

According to data provided by the Korea Customs Service, prices of pork jumped 20.2 per cent on-year, while those of beef surged 15.4 per cent. Their prices increased 1.6 per cent and 0.8 per cent from a month earlier, respectively, the data showed.

Chicken meat prices also jumped 22.2 per cent from last year and posted a 2.6 per cent gain from a month earlier, according to Korea JoongAng Daily. The price hikes of those meats could put upward pressure on inflation, which has recently showed signs of abating.

Korea’s consumer prices rose 3.9 per cent last month from a year earlier, slowing from the 4.3 per cent on-year gain in September.