January 27, 2004

Beef Prices in Japan Skyrocket

Beef prices in Japan skyrocketed amid speculation that the ban on US beef will be prolonged, the Japan Agriculture, Forestry and Fisheries Ministry said Monday.

Prices of domestic and foreign beef rose to their highest levels yet under the ministry's current weekly price survey system, which it introduced in August.

Pork prices also rose as demand grew following the discovery last month of the first case of mad cow disease in the U.S., ministry officials said.

The average price of imported frozen beef stood at 357 yen per 100 grams in the reporting week, up 5 yen, or 1.4 percent, from the preceding week, and up 4.1 percent from the week before the discovery of the U.S. mad cow case.

Prices of domestic beef averaged 666 yen per 100 grams in the reporting week, up 3 yen from the preceding week.

The average price of pork rose 1 yen to 237 yen, the highest since August.