April 19, 2024
Retail & Consumer
Hanwoo price plunges on anti-graft law
[THE INVESTOR] The wholesale prices of local beef dipped to 15,000 won (US$13) per kilogram for the first time in 17 months due mainly to the enforcement of an anti-corruption law, data showed on Nov. 3.
The wholesale prices of domestic beef, known as hanwoo, came to 15,845 won for 1 kg as of Oct. 28, according to data compiled by the National Agricultural Cooperative Federation.
It represents a sharp decline from 19,189 won per one kg in the third week of September, a week before the anti-corruption law came into effect.
The law is widely blamed for the decline of wholesale prices of local beef as there were no other factors that could lower prices at a time when the supply of hanwoo has been on the decline.
Still, retail prices of hanwoo sirloin stood at 7,996 won for 100 grams in the fourth week of October, down 0.6 percent from 8,046 won in the third week of September.
The law imposes tight limits on free meals and gifts that can be accepted by government officials, journalists and private school teachers to try to curb the deep-rooted tradition of excessive hospitality.
The maximum value of gifts a person subject to the law can receive has been set at 50,000 won, and cash gifts for events, such as weddings and funerals, have been fixed at no more than 100,000 won.
(theinvestor@heraldcorp.com)
The wholesale prices of domestic beef, known as hanwoo, came to 15,845 won for 1 kg as of Oct. 28, according to data compiled by the National Agricultural Cooperative Federation.
It represents a sharp decline from 19,189 won per one kg in the third week of September, a week before the anti-corruption law came into effect.
The law is widely blamed for the decline of wholesale prices of local beef as there were no other factors that could lower prices at a time when the supply of hanwoo has been on the decline.
Still, retail prices of hanwoo sirloin stood at 7,996 won for 100 grams in the fourth week of October, down 0.6 percent from 8,046 won in the third week of September.
The law imposes tight limits on free meals and gifts that can be accepted by government officials, journalists and private school teachers to try to curb the deep-rooted tradition of excessive hospitality.
The maximum value of gifts a person subject to the law can receive has been set at 50,000 won, and cash gifts for events, such as weddings and funerals, have been fixed at no more than 100,000 won.
(theinvestor@heraldcorp.com)
