Prices of beef imported to South Korea are rising due to increasing demand and strong U.S. dollar, adding to the burden on household spending.

According to the Korea Institute for Animal Products Quality Evaluation on Thursday, the price of frozen beef ribs imported from the U.S. stood at 4,059 won ($2.94) per 100 grams in April, which is up by about 9 percent from 3,712 won in the same period last year.

It is also higher than last year‘s annual average price of 3,912 won.

Prices have been pushed up as demand for imported beef rises, with consumers opting for imported beef as an alternative to pricey hanwoo, or Korean beef.

Beef prices have also risen.



According to statistics from the Korea Customs Service, the import price of frozen beef was $6,492 per ton last month, up from $6,063 in the same period last year.

Taking into account the impact of the won-dollar exchange rate, it is estimated that the wholesale prices of U.S. and Australian beef would have risen further when converted into Korean won, leading to sighs among independent restaurateurs who argue that an increase in their menu prices is also inevitable.

The strong dollar is also squeezing other major food importers.

According to the annual reports of major food companies, the prices of key commodities such as sugar, cocoa, flour, natural eggs and dairy products all rose last year.

In particular, the skyrocketing price of cocoa has prompted confectionery companies to raise the prices of products such as ice cream and chocolate. Lotte Wellfood Co. announced Thursday that it would raise the prices of 17 cocoa-based chocolate products by an average of 12 percent, including Ghana Mild Chocolate bar (34g) to 1,400 won from 1,200 won and Choco Pepero (54g) to 1,800 won from 1,700 won.

By Kim Geum-yi and Chang Iou-chung

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]