Meat Prices Dropped... What Food Prices Fell on the More Expensive Dining Table? [Chosun Price Records]

(19) Beef and Pork Prices Down Compared to Last Year
Impact of Decreased Livestock Infectious Diseases
Cabbage Prices Down 35% from a Year Ago
Tomato, Watermelon, Chamoe Also Stable

Despite the burden of rising food prices, livestock product prices have decreased compared to last year due to a reduction in livestock infectious diseases. Since May, favorable weather conditions have led to recovery in crop growth, resulting in an increasing number of agricultural products showing price stability. The price of cabbage has dropped by about 35% compared to last year.

According to the Livestock Distribution Information from the Livestock Products Quality Evaluation Service, as of the 21st, the average price of beef (grade 1+, tenderloin) per 100g from January to May this year is 13,536 KRW. This is 4.1% lower than the average price of 14,094 KRW during the same period last year and 7% lower than the average price of 14,507 KRW in previous years.

The photo is not related to the specific content of the article. Photo by Yongjun Cho jun21@

The price of pork belly has also decreased compared to last year. The price of pork belly per 100g is 2,309 KRW, down 4.3% from 2,409 KRW in 2023 (January to May) and 2.3% lower than the average price of 2,362 KRW. The price of eggs (special grade, 10-pack) this year is 3,360 KRW, lower than 3,648 KRW in 2023 (January to May) and 3,659 KRW on average.

The reason for the price stability of livestock products is that the occurrence of major livestock infectious diseases has decreased, maintaining a stable supply. Although African Swine Fever (ASF) occurred this month at a pig farm in Cheorwon County, Gangwon Special Self-Governing Province, it was the first case in over four months since two cases in January. According to statistics from the National Animal Disease Control Integrated System, there were seven cases of ASF in the first quarter of last year, but this year, after two cases in January, no additional cases have occurred, and there have been no outbreaks of foot-and-mouth disease or lumpy skin disease.

Looking at the 'April Consumer Price Trends' announced by Statistics Korea, the price stability of livestock products is evident. Last month, the consumer price index was 113.99 (2020=100), up 2.9% compared to the same month last year, but livestock products only rose by 0.3%.

Among agricultural products, the price of cabbage has dropped significantly. According to the Agricultural Outlook Statistics System (OASIS) and reports from the Korea Rural Economic Institute, as of the 21st, the price of cabbage (top grade) per 10kg is 5,923 KRW, a 35.1% decrease compared to 9,122 KRW on the same date last year. The price decline is due to the start of shipments of spring cabbage grown in greenhouses. The price of green onions (regular, top grade) per 1kg is also 1,763 KRW, down 4.2% from 1,840 KRW last year.

Although prices have risen compared to last year, an increasing number of agricultural products are showing price stability with a downward trend compared to the previous month. These include date-shaped cherry tomatoes (-9% compared to the previous month), watermelon (-7%), oriental melon (-1%), Cheongyang green chili peppers (-61%), paprika (-30%), zucchini (-39%), and white cluster cucumbers (-41%). These products had become expensive due to poor harvests in major production areas, but with expanded shipments and improved weather conditions this month, growth has recovered and prices are falling.

Garak Agricultural Market, Songpa-gu, Seoul. Photo by Jo Yongjun jun21@

Fruit Production Outlook... Growth Situation Shows 'Green Light'

Previously, fruit was identified as a major factor driving up inflation. The fresh food index in April fell 3.7% compared to the previous month but rose 19.1% compared to the same month last year, showing an unstable trend.

Currently, the government has been implementing emergency price stabilization measures since March to control inflation. In addition to supporting discount coupons for agricultural and livestock products, imports of fresh fruits such as bananas, pineapples, and mangoes have increased. With a significant increase in imported fruits, the demand dispersion effect appears to be lowering overall fruit prices. Prices of agricultural products such as radish, cabbage, and green onions, which had risen due to poor harvests, are expected to gradually improve as spring crops are shipped in earnest.

There are also positive forecasts that 'fruitflation'?a term combining 'fruit' and 'inflation,' represented by the 'golden apple'?will calm down. This year, apples have experienced no cold damage during the flowering period, and the occurrence of pests and diseases has generally decreased, resulting in better growth conditions than last year. Pear production is also expected to exceed average levels this year due to favorable weather and smooth artificial pollination work. For horticultural products, the volatility of crop yields due to weather conditions means that responding to weather disasters and pests and diseases will be key to future price management.