December 26, 2008
Poultry prices in Saudi Arabian city fall 10 percent
Poultry prices in the Saudi Arabian city Jeddah has dropped by 10 percent, signalling a downward trend for prices.
The fall in poultry prices is due to high domestic supply and a plunge in the price of frozen poultry imported from Brazil.
Poultry seller Hamdi said he expects a further price slash with keen competition among national poultry companies and a price drop in frozen chicken.
The price cuts of imported frozen chicken caught the companies by surprise, and they had to offer discounts as expanded production has exceeded the demand.
Egg prices have dropped to SR12 (US$3.2) for large eggs and SR10 (US$2.67) for small eggs.
Still, consumers think the prices are too high amid high supply in the market and alternatives of imported frozen chicken.