South Korea’s Agriculture Ministry said Wednesday that pork prices will be lowered this month following consultations with the meat processing industry, as part of efforts to ease the burden on consumers.
The Ministry of Agriculture, Food and Rural Affairs said price cuts will apply to major cuts such as pork belly, neck and hind leg.
Three companies will lower prices of hind leg meat by an average of 4 to 5 percent on a combined 750 tons of supply. Five firms will also cut prices of pork belly and neck by an average of 5.9 to 28.6 percent on 288 tons.
The move follows recent discussions between the ministry and industry players on stabilizing prices, including a joint review with experts on appropriate inventory levels for pork hind leg cuts.
Agriculture Minister Song Mi-ryung said the industry’s participation in price cuts was meaningful despite challenging conditions, citing global uncertainties, including the conflict in the Middle East.
“We will continue efforts to stabilize prices by improving distribution practices and reducing logistics costs in the livestock sector,” she said.
minmin@heraldcorp.com
