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Ministry Proposes Raising Prices of Pork, Beef

by 5m Editor
22 February 2008, at 10:15am

JAPAN - The agriculture ministry has proposed, to Government, an increase in the price floors for domestically produced beef and pork for the first time in three decades.

The pork price floor would rise to ¥380 a kg in April from ¥365, and for beef it would rise to ¥790 a kg from ¥780.

Japan is the world's largest corn importer and rising feed grain prices are increasing the costs for livestock farmers.

Corn and soybean prices in Chicago have climbed to record highs, boosting costs for Japanese farmers dependent on overseas supplies for almost all their feed grains. Producers have difficulty passing on increases as meat prices are capped by imported products.

Japan's wholesale inflation rose at its fastest pace in 27 years in January as commodity costs gained.

5m Editor