Ministry of Agriculture, Food and Rural Affairs: "Egg Prices Down 5.6%, Chicken Down 2.4%... Continued Efforts to Lower Supply Prices"

The Ministry of Agriculture, Food and Rural Affairs announced on the 27th that the prices of eggs and chicken have recently stabilized.

The ministry analyzed that prices are stabilizing due to thorough quarantine measures minimizing the occurrence of highly pathogenic avian influenza, expanding supply through cooperation with producer organizations, and supporting reductions in delivery prices.

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As of March this year, egg consumption and production have reached record highs. According to the Korea Rural Economic Institute's Observation Center, egg sales increased by 4.9% in the fourth quarter of last year compared to the previous year, and in January this year, sales rose by 12.9% year-on-year due to discount events at large supermarkets.

The Ministry of Agriculture, Food and Rural Affairs is expanding egg supply in response to increased egg consumption through close collaboration with producer organizations. First, through strict management of highly pathogenic avian influenza quarantine, the number of laying hens culled from December last year to February this year was 2.67 million, marking the lowest level in the past 15 years. Additionally, since December last year, in cooperation with producer organizations, the culling age of laying hens, usually conducted at 80 weeks, was extended to 83 weeks to increase egg production.

As a result, the number of laying hens raised in the fourth quarter of last year was 77.2 million, a 5.5% increase compared to the average of 73.17 million. The average daily egg production was 48.1 million, a record high, increasing by 4.2% compared to the average and 3.5% compared to the previous year. This amount is sufficient for the public to consume one egg per day for 342 days a year. Egg production has steadily increased and is estimated to be 48.27 million this month. The ministry expects this level to be maintained through the first half of this year.

Furthermore, in consultation with producer organizations, the ministry has reduced the wholesale price of 30-count special eggs supplied to large supermarkets and medium- and small-sized marts by 1,000 won starting March 7, using government subsidies and egg self-support funds to alleviate the burden on consumers' grocery bills. Combined with additional discount events by large supermarkets, the consumer price of eggs in mid-March dropped by 5.6% to 6,168 won for 30-count special eggs compared to 6,534 won in early March.

Going forward, the Ministry of Agriculture, Food and Rural Affairs plans to maintain stable egg prices year-round by thoroughly managing production and continuing to support discounts on delivery prices, ensuring eggs remain an affordable source of protein for the public.

Chicken supply had been a concern due to the death of breeding chickens caused by summer heavy rains in 2023 and culling of breeding chickens due to avian influenza outbreaks in winter. To expand supply, the ministry imported 5.29 million hatching eggs since August last year and took preemptive measures such as extending the breeding period of parent stock. As a result, chicken supply this month is about 64.87 million birds, a 1.9% increase compared to the same month last year. Additionally, the ministry is applying tariff quotas to import 30,000 tons of chicken by the end of March to further expand supply.

While expanding chicken supply, the wholesale price of chicken supplied to NongHyup Hanaro Mart was reduced by 1,000 won per bird using self-support funds, resulting in a consumer price of 5,870 won per kilogram in March, down 2.4% compared to the same month last year.

Park Su-jin, Director of the Food Policy Office at the Ministry of Agriculture, Food and Rural Affairs, stated, "The government is working closely with producer organizations to ensure a stable supply of eggs and chicken, which are daily consumed items, and will continue to actively strive to reduce the burden on consumers."

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