January 16, 2009

South Korea is seeing a surge of price in eggs, a key food in holiday dishes, ahead of the Spring Festival holidays.

The price reached an all-time high of 159 won as of January 13, nearly 60-percent higher than the same period last year, according to the Korean Poultry Association.

The extra large egg is the cheapest variety among eggs sold at major supermarkets. Other types such as organic eggs or native eggs are sold at nearly double the amount.

Egg prices hit a record high in September 2004 due to bird flu, and were later replaced by a new record of 147 won in March 2005.

Egg prices increased in the second half of 2008 as many layers were culled due to the bird flu outbreak in April 2008. The surge in exchange rate, which led to higher feed costs, had also contributed to high egg prices.

US$1 = KRW1,372.06 (Jan 16)