"Increased Supply of Hanwoo and Samgyeopsal During Seol Holiday Leads to Price Drop"

Kukpyeongwon, Data Analysis
Confirmed Contribution to Price Stability
Hanwoo Supply Up 3.2%·Pig Supply Up 4.4%

This year, consumer prices for Korean beef sirloin and pork belly during the Lunar New Year holiday have declined, according to a recent survey. It has been confirmed by data that the government's efforts to increase supply and implement large-scale discounts ahead of the holiday contributed to stabilizing prices during the Lunar New Year.

On the 21st, the Livestock Products Quality Evaluation Institute reported that an analysis of the distribution trends of major livestock products such as Korean beef sirloin (grade 1), pork belly, broiler chicken, and eggs during this year's Lunar New Year showed a slight increase in supply compared to last year, while wholesale and consumer prices mostly decreased. This result was derived from data collected through the institute's weekly 'Consumer Price Survey' and 'Livestock Product Distribution Information Survey.'

According to the survey, the supply of livestock products during this year's Lunar New Year increased by 3.2% for Korean beef, 4.4% for pork, 2.2% for broiler chicken, and 0.2% for eggs compared to last year.

Customers visiting Yangjae Hanaro Mart in Seocho-gu, Seoul, are looking at Korean beef. Photo by Jinhyung Kang aymsdream@

Compared to last year's Lunar New Year, wholesale prices fell by 13.1% (661 KRW) for pork (1 kg), 17.6% (641 KRW) for broiler chicken (1 kg), and 4.3% (82 KRW) for eggs (10 pieces), except for Korean beef (1 kg), which rose by 2.2% (354 KRW). Consumer prices increased by 10.4% (24 KRW) for broiler chicken (1 kg), but decreased by 3.2% (310 KRW) for Korean beef (100 g), 5.7% (143 KRW) for pork (100 g), and 6.7% (148 KRW) for eggs (10 pieces).

An official from the Livestock Products Quality Evaluation Institute stated, "Although Lunar New Year is a peak season for meat consumption, wholesale and consumer prices slightly declined due to increased supply and weakened consumer sentiment amid the economic downturn. In particular, the 6.7% drop in egg consumer prices appears to have been significantly influenced by price discount events."

Consumer prices for Korean beef (grade 1) by cut showed that ribs increased by 12.7% compared to last year's Lunar New Year, while tenderloin (-2.3%), sirloin (-3.3%), brisket (-5.5%), and shank (-6.3%) generally declined. Price decreases were more pronounced in cuts used for soup and bulgogi (brisket and shank) than in grilling cuts such as tenderloin, sirloin, and ribs.

The livestock product distribution data surveyed by the institute is publicly available on the Livestock Distribution Information website. Users can easily search by species, cut, period, and other criteria depending on their purpose.

Park Byung-hong, president of the Livestock Products Quality Evaluation Institute, said, "The institute collects and analyzes various information related to the distribution channels and prices of livestock products closely linked to the public's diet. We will continue to provide interesting and useful data to the public."

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