Pork Prices Surge to 2,900 Won per 100g Amid Livestock Inflation

Pork belly, a staple for many households, has become a luxury item, with prices surpassing 2,900 won per 100 grams, marking the highest level since October of last year. The overall increase in livestock prices, including chicken, eggs, and beef, is putting additional strain on consumers' budgets.
 
According to the Korea Institute of Animal Products Quality Evaluation, as of the previous day, the average price of domestic pork belly reached 2,900 won per 100 grams, an 8.8% increase from the normal price of 2,665 won. This is the highest price recorded this year and the first time it has exceeded 2,900 won since October 15 of last year. On the same day, the price of domestic pork neck also rose to 2,698 won per 100 grams, up 8.6% from the normal price of 2,484 won, setting a new high for the year.
 
The price of chicken has seen an even steeper rise. Domestic broiler chicken is now priced at 6,657 won per kilogram, a significant 15.4% increase from the normal price of 5,768 won. The price of special eggs has also risen to 7,388 won for a pack of 30, up 5.9% from the usual 6,973 won.
 
Beef prices are also climbing. The price of first-grade domestic sirloin has reached 10,156 won per 100 grams, a 7.8% increase from the normal price of 9,424 won. First-grade domestic short ribs are priced at 6,924 won per 100 grams, slightly above the normal price of 6,885 won. Imported beef is not immune to these increases either, with U.S. chilled chuck eye roll now at 3,890 won per 100 grams, a 15.2% jump from the normal price of 3,376 won, and U.S. chilled ribeye at 4,652 won per 100 grams, up 4.2% from 4,465 won.
 
The rise in livestock prices is affecting dining costs as well. According to the Korea Consumer Agency's price information portal, "Chamgak," the average price for a serving of pork belly (200 grams) at restaurants in Seoul was 21,321 won in April, a 4.3% increase from 20,447 won during the same period last year. Prices for popular summer dishes like samgyetang (chicken soup) and naengmyeon (cold noodles) are also on the rise. The price of samgyetang in Seoul increased from 17,500 won in April last year to 18,154 won this April, a 3.7% rise. Naengmyeon prices also rose to 12,615 won this April, up 4.1% from 12,115 won a year earlier.
 
Key factors driving the surge in meat prices include supply shortages due to African swine fever (ASF) and avian influenza (AI), as well as rising fuel prices stemming from conflicts in the Middle East. The high dependence on imports for key feed ingredients like corn and soybeans, combined with the ongoing high exchange rates of the won against the dollar, is directly increasing production costs for livestock farmers.
 
In response to rising prices, retailers are launching discount campaigns for meat products to alleviate consumer burdens. Lotte Mart plans to hold a "Big Day" event from June 3 to 7, offering significant discounts on various meats. Pork belly and neck will be sold at a 50% discount when purchased with a promotional card, while other cuts like Australian Black Angus ribeye will be available at 40% off.

E-Mart will offer domestic chilled pork belly and neck at a 40% discount for one day only on June 3, priced at 1,788 won per 100 grams with Shinsegae point accumulation. From June 5 to 7, first-grade Hanwoo sirloin will be available at 50% off, priced at 6,440 won and 7,790 won per 100 grams when paid in full with a promotional card.
 
A retail industry official stated, "As we approach the peak vacation season and the dog days of summer, demand for key livestock products like pork belly and chicken is expected to rise, which may keep prices high for the foreseeable future. If supply conditions do not improve quickly, the rise in livestock prices could also drive up dining and processed food costs."