'Pork Neck' Joins 'Samgyeopsal' at 20,000 Won per Pound... Pork Prices Soar to New Heights

Spinach and Garlic Prices Also Surge Sharply

[Asia Economy Reporter Jo In-kyung] The price of pork, considered a representative staple food for ordinary people, continues to soar. At retail stores such as large supermarkets, the price of pork neck has surpassed 20,000 won per 600g, following the price increase of Samgyeopsal (pork belly).

According to the distribution industry on the 12th, the price of chilled domestic pork neck at large supermarkets was 2,660 won per 100g, and antibiotic-free pork neck for grilling was 4,620 won per 100g. Based on 600g, these prices reach the mid-16,000 won range and the mid-22,000 won range, respectively.

Samgyeopsal, which is more preferred than pork neck, also saw prices rise to the mid-19,000 won range for chilled pork per 600g, and antibiotic-free products surged to 24,000 won. Domestic frozen Samgyeopsal is sold in the mid-17,000 won range, while imported frozen Samgyeopsal from Denmark or Germany is priced between 13,000 and 15,000 won.

According to price information from the Korea Agro-Fisheries & Food Trade Corporation, the price of domestic chilled Samgyeopsal, which was 2,080 won per 100g earlier this year, has risen 30.2% to 2,709 won as of this month. During the same period, pork neck increased 33.8% from 1,946 won to 2,604 won, and imported frozen Samgyeopsal rose 20.4% from 1,171 won to 1,410 won.

Industry insiders in livestock distribution explain that the price increase across both domestic and imported products is due to the soaring feed costs caused by rising grain prices combined with supply disruptions from African Swine Fever (ASF).

Egg prices, supported by government consumption coupons and other price stabilization measures, dropped from 7,668 won per tray (30 eggs, special large and medium grade) in June to 5,734 won currently, but this is still higher than the 5,361 won recorded in October last year. Spinach, which saw a price surge ahead of Chuseok, is currently priced at 8,468 won per kilogram in October, up 24.8% from the beginning of the year (6,785 won) and 11.2% compared to the same period last year (7,617 won).

Domestic peeled garlic costs 12,420 won per kilogram, which is 22.8% higher than at the beginning of the year (10,116 won) and 21.0% more expensive than last year (10,262 won). Sea salt is also rising sharply ahead of the kimchi-making season, with a 5kg bag increasing 35.4% from 8,097 won last year to 10,964 won this year.