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Chicken Prices Soar as Summer Starts

by 5m Editor
30 May 2012, at 8:28am

SOUTH KOREA - Chicken prices are rising as amid growing demand over the long weekend of the Buddha's birthday and fears over imported beef after an outbreak of mad cow disease in the US in late April.

The average retail price of chicken is W5,966 (US$1=W1,175) per kilogram, up 7.7 per cent from W5,541 the previous month, according to the Korea Agro-Fisheries and Food Trade Corporation. It sells for about W7,200 in big supermarkets, up about 5.8 per cent on-year, according to The Chosunilbo.

Distributors expect prices to rise further in the summer. Demand is likely to soar from late July because of the London Summer Olympics from 27 July - 12 August, when many people will eat chicken snacks with their beer as they watch the events on TV.

Three special summer days - Chobok, Jungbok and Malbok - will also coincide with the London Olympics. Samgyetang, or ginseng chicken soup, is a traditional meal for those days in Korea.