July 11, 2011

Prices of imported beef and pork surge in South Korea

Prices of imported beef and pork in South Korea jumped last month from the previous year, adding to growing inflation in Asia's fourth-largest economy, the Customs Office said.

According to data provided by Korea Customs Service, the price of imported beef stood at 7,652 won (US$7.22) per kilogram, up 14.6% from a year earlier.

Prices of pork stood at KRW3,616 (US$3.41) per kilogram, up 2.7% from a year earlier.

Prices of beef and pork have been closely monitored here since their hikes could add to already high inflation. South Korea's consumer prices jumped 4.4% in June from a year earlier amid higher food and oil costs.

South Korea has been trying to keep inflation under control by temporarily cutting import tariffs on pork and other daily food materials.