April 20, 2024
Industrials
Egg, chicken prices ruffled by AI
[THE INVESTOR] The outbreak of avian influenza and massive culling of poultry in South Korea have led local egg prices rise 20 percent in December, even as chicken prices have slumped, industry data showed on Dec. 29.
The price of a carton of 30 eggs has spiked by some 20 percent this month compared with the previous month to over 7,200 won (US$5.96) at Homeplus, one of the major retailers in the country. E-mart, the country’s No.1 retailer, also raised the egg price by the same margin this month, the sources said.
About 27 million head of poultry have been destroyed, including egg-laying hens, after the country reported the bird flu outbreak in mid-November.
Even some stores have curbed customers to one carton of eggs per person due to supply shortage, and major bakery shops halted the production of pastries and egg-consuming breads and general consumers switched to other foods because of reduced egg supply.
The government earlier said it would consider importing eggs and lifting tariffs on egg imports, to ease the shortage.
Meanwhile, chicken prices have dropped this month from last month, but the prices will recover down the road on the back of a recovery in demand and an increase in supply.
(theinvestor@heraldcorp.com)
The price of a carton of 30 eggs has spiked by some 20 percent this month compared with the previous month to over 7,200 won (US$5.96) at Homeplus, one of the major retailers in the country. E-mart, the country’s No.1 retailer, also raised the egg price by the same margin this month, the sources said.
About 27 million head of poultry have been destroyed, including egg-laying hens, after the country reported the bird flu outbreak in mid-November.
Even some stores have curbed customers to one carton of eggs per person due to supply shortage, and major bakery shops halted the production of pastries and egg-consuming breads and general consumers switched to other foods because of reduced egg supply.
The government earlier said it would consider importing eggs and lifting tariffs on egg imports, to ease the shortage.
Meanwhile, chicken prices have dropped this month from last month, but the prices will recover down the road on the back of a recovery in demand and an increase in supply.
(theinvestor@heraldcorp.com)
