Pork Price on Rise amid Pandemic | Be Korea-savvy

Pork Price on Rise amid Pandemic

(image: Yonhap)

(image: Yonhap)

SEOUL, June 2 (Korea Bizwire)The price of pork increased in May from a year earlier as a growing number of people preferred preparing meals at home amid the new coronavirus pandemic, data showed Tuesday.

The average wholesale price of pork reached 5,115 won (US$4.18) per kilogram in May, up 22 percent from a year earlier, according to the data compiled by the Ministry of Agriculture, Food and Rural Affairs.

The number of pigs slaughtered in May reached 1.4 million units, up 1.5 percent from the month’s average, it added.

The ministry attributed the rising price to high demand for fresh pork among South Koreans, who opted to prepare more meals from home than dining out amid the country’s social distancing campaign in the face of the pandemic.

The rising demand also came as the country provided emergency relief funds totaling 14.3 trillion won to all households to rekindle domestic consumption in the face of the pandemic.

The country provided 1 million won each to households with four or more members, along with different amounts to families of smaller sizes.

The agricultural ministry said it expects the price of pork to decrease over the second half of 2020 as the COVID-19 pandemic loses steam down the road.

The supply of pork is expected to rise 3.2 percent in the July-December period from a year earlier.


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