Hanwoo sirloin prices jump 22.6%, raising Chuseok grocery costs
Translated from Korean and summarized by DistantNews. Read the original for the full story.
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- Prices for livestock products, including beef, pork and eggs, are rising ahead of Chuseok, increasing pressure on household grocery budgets.
- Hanwoo sirloin prices rose 22.6% and tenderloin prices 19.9%, while wholesale Hanwoo prices are forecast to increase 14.5% year on year to about 22,500 won per kilogram.
The Chuseok holiday is approaching with beef, pork and egg prices all rising, adding to the burden on shoppers. Hanwoo, Korea’s premium beef, has recorded the sharpest increase as strong holiday demand combines with a supply shortage.
Sirloin prices have climbed 22.6%, while tenderloin prices are up 19.9%. The increases are making traditional holiday meals more expensive for consumers preparing their shopping lists.
The Korea Rural Economic Institute’s Agricultural Observation Center forecast on the sixth that Hanwoo wholesale prices would reach around 22,500 won per kilogram this year. That would mark a 14.5% increase from last year.
The center expects prices to remain at a similar level in the fourth quarter, suggesting that the pressure may continue beyond the Chuseok holiday.
About this summary
Originally published by Chosun Ilbo in Korean. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.
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