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Retail Pork Prices Rise Due to New High

by 5m Editor
22 May 2008, at 10:17am

TAIPEI - Hogs Taiwan were sold for NT$7,419 per 100 kilogram yesterday -- a new nine-year high -- due to a supply shortage, reports The China Post.

Council of Agriculture (COA) data suggest the average price of hogs was NT$6,500 at the end of last year. It went up to NT$6,491 in April, before surging to NT$7,000 in the beginning of May.

Over the weekend, price went up to NT$7,383 per 100 kilograms, and it soard to NT$7,419 yesterday.

The price hike has resulted in an increase of the retail price of pork, scaring off consumers looking for the meat in traditional markets island-wide. At the same time, some lunch box operators have raised the prices of pork chop meals to reflect an increase in cost.

Normally, Taiwan has a daily demand of 23,000 hogs," said COA. "Yet last week only 20,000 to 21,000 were supplied. Yesterday only 18,984 were supplied."

Hog farmers, meanwhile, said a price increase will only continue, now that the Dragon Boat Festival is around the corner. "Most hog farmers are betting on a continued price increase and have held off the slaughtering before their animals get bigger," one farmer was cited as saying. "A price decline is not foreseeable in the short-term."

View The China Post story by clicking here.

5m Editor