Chicken and Duck Prices Soar... Samgyetang Prices Rise Ahead of Chobok

Wholesale Chicken Prices Rise 13.7% Compared to Last Year
Wholesale Duck Prices Jump 51.7%

Ahead of Chobok, the first of the three hottest days in the Korean lunar calendar, on the 11th of this month, the price of chicken, the main ingredient in representative health foods such as Samgyetang and Baeksuk, has risen by more than 10% compared to a year ago.

According to the Livestock Products Quality Evaluation Institute's Livestock Distribution Information on the 2nd, as of the 30th of last month, the retail price of chicken per kilogram was 6,271 won, up 10.9% from 5,655 won on the same day last year.

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Last month, the wholesale price of chicken per kilogram was 3,954 won, up 13.7% from 3,477 won in the same month last year. The retail price was 6,439 won per kilogram, 12.6% higher than 5,719 won last year.

The price of chicken has been on the rise recently due to increased production costs and a decrease in domestic supply. According to the government, the number of broilers slaughtered this year is 64.42 million, down 5.5% from 68.17 million last year.

Not only the price of chicken, the main ingredient, but also labor costs, logistics costs, and energy expenses have increased, causing the price of Samgyetang to jump significantly.

Last month, the Korea Consumer Agency's price information comprehensive portal "Chamgagaek" surveyed the prices of eight popular dining items. The average price of Samgyetang at restaurants in Seoul was 16,423 won, up 12.7% from 14,577 won in the same month last year, marking the largest increase among the surveyed items.

The price of duck, another health food ingredient, also rose compared to a year ago. As of the 30th of last month, the average wholesale price of duck (sizes 20?26) per kilogram was 6,539 won, about 1.4 times higher than 4,629 won on the same day last year.

The monthly average wholesale price of duck last month was 7,067 won per kilogram, 51.7% higher than 4,658 won in the same month last year.

The government has lowered the tariff rate to 0% starting from the 1st to stabilize chicken prices, anticipating increased summer demand for chicken due to more outdoor activities and consumption of health foods like Samgyetang.

With this measure, chicken, which normally has a basic tariff rate of 20?30%, will be subject to a 0% tariff on 30,000 tons until the end of the year. However, to minimize damage to domestic poultry farmers caused by increased imports, the timing and volume of chicken imports will be adjusted considering domestic supply and import inventory levels.

This content was produced with the assistance of AI translation services.