November 30, 2007

Pork crunch in Hong Kong

Hong Kong pork lovers will have to brace themselves for another price hike, the third time in six months.

A catty of fresh pork now costs US$4.87 up by US$0.25 after Ng Fung Hong, one of the three suppliers of live pigs from the mainland, raised the wholesale price of pork by 8 percent yesterday.

Ng Fung Hong officials said the adjustment is aimed to stabilize local supply amid continued price increases in fresh pork in mainland China.

The latest increase represents a 25-percent hike in the wholesale price to more than US$166.86 per 100 catties and a rise of US$1.02 per catty in the retail price since May.

The Fresh Meat Alliance, a union of live pig buyers and truck drivers, warned that high pork prices are to be felt for some time.

Ling Wai-yip, alliance spokeman, said he is not optimistic about any price cuts in the near future as prices of live pigs in the mainland continued to soar for the seventh week.

Hui Wai-kin, deputy chairman of the Pork Traders General Association of Hong Kong, said despite increased competition in the import market, price adjustments are unavoidable.