Prices of beef produced in Korea soared 7.3 percent last year, the highest growth rate in five years, due to a reduced supply of cattle, according to government data released Monday.

Statistics Korea said last year’s increase was the largest annual gain since 2010 when prices surged 10.5 percent on-year.

In particular, the fourth-quarter of last year saw a double-digit rate of increase with growth of 12.7 percent in December.

Industry watchers said rising beef prices were due to the 2012 government policy to reduce the number of domestic cattle to prevent sharp swings in prices.
(Graphic: Nam Kyung-don)