January 22, 2007

South Korea has highest beef, pork prices among leading economies

The prices of major foods including beef and pork are one of the highest in South Korea.

According to the International Labor Organisation (ILO), as of Oct 2005, the average price of a kilogramme of beef in South Korea was US$56.44, six times more than in the US (US$8.94) and five times more than in Britain and Italy.

Also, the South Korean beef was roughly US$15 more expensive than in Japan, which has a high cost of living.

After analysing prices in 11 Organisation for Economic Cooperation and Development nations and two other large economies, the ILO report concluded that beef prices in Mexico were one-seventh of South Korea's and the cheapest among the markets surveyed.

Besides, South Korea's pork prices were usually 2.5 to three times higher than in Britain and Brazil. A kilogramme of boneless pork cost US$14.12 in South Korea in late 2005, compared to US$5.56 and US$4.94 in Britain and Brazil respectively.

Local prices were also higher than Japan, where the average price stood at US$13.41.

An official at the Ministry of Agriculture and Forestry attributed the same to high land prices and the relatively small size of most cattle and pig raising farms.