South Korea beef price and demand remain costly

Both demand and price for South Korea's hanwoo beef have remained high after the end of the Chuseok holiday season.

The beef price usually declines after Chuseok but the trend is going the opposite way this year.

The average price of one kg of hanwoo at the end of September, several days before Chuseok, was KRW18,096 (US$15.5). By October 12, the price had jumped to KRW19,105 (US$16.4) but was down from KRW22,677 (US$19.4) on October 9.

The Ministry for Food, Agriculture, Forestry and Fisheries said this is a rare trend and that they are currently observing it.

A ministry official said continuing price increases indicate that consumer demand for Korean beef is growing during a season when supply is usually weak.