Pork prices at the Korean auction markets that jumped since outbreaks of the African swine fever in South Korea normalized amid signs of easing in the spread of the disease and softening in consumer demand.
The wholesale prices of pork fell to an average 3,308 won ($2.77) per kilogram on Monday at the nation’s auction markets, according to a website operated by the Korea Institute for Animal Products Quality Evaluation.
Pork wholesale prices since the first outbreak of the animal disease on Sep. 17 peaked at 6,201 won on the following day and fell to 5,657 won on Sep. 28. The prices since then skidded to the 3,000 won level from Oct. 2, even lower than a day before the outbreak.
The plunge in wholesale prices, however, has yet to be reflected in its retail prices as stocks were purchased at higher auction prices by stores.
The retail prices of local pork belly averaged 2,156 won per 100 grams on Monday, up 7.1 percent from Sep. 16 and 6.1 percent from a year ago, data showed.
“Retail prices are still higher than the usual but started falling slowly since the summer,” said an official at the Ministry of Agriculture, Food and Rural Affairs.
By Kim Tae-joon and Lee Ha-yeon
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]