Meat prices are skyrocketing while consumption is decreasing.
With the release of the national disaster relief funds, a rise in consumer sentiment on meat consumption is presumed to drive the price hike.
Todd Thacker reports.

A crowd of shoppers wait their turn to buy meat at the butcher’s section of the supermarket.
As the COVID-19 situation gradually stabilizes and people receive their national disaster relief funds, meat consumption has risen sharply.

Sales of meat during the third week of May jumped nearly 10 percent compared with the third week of April.


Now, high demand is driving up the price.

Average pork prices at meat auctions in May were set at 5,180 won per kilogram. That’s a 40 percent rise from the 3,710 won average back in February when domestic COVID-19 cases first started to increase rapidly.


Average prices of beef at meat auctions in May were set at 21,500 won per kilogram. That’s a 10 percent rise from the 19,600 won average in February.


Less expensive imported meat has generally lessened the burden on consumers, but the supply of imported meat has dropped by 20 percent nationwide. This in turn is fueling soaring prices.

Meat prices are not expected to drop before the (추석) Chuseok Holiday at the end of September. Thus this issue will be a burden to household budgets for the foreseeable future.

Todd Thacker, KCTV