Pricier beef

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Pricier beef

Published: 03 Oct. 2016, 20:13

The price of imported beef in Korea jumped recently as the supply of Australian beef fell due to severe drought in the region and global demand for U.S. beef was expected to soar as China recently resumed U.S. beef imports.

According to the Korea Agro-Fisheries & Food Trade Corporation on Monday, the price of U.S. beef in September soared by 44.8 percent to retail at 2,490 won ($2.26) per 100 grams compared to 1,720 won a month earlier. The price of Australian beef jumped 6.2 percent last month. However, demand for imported beef in Korea is expected to rise for the time being even with the price hikes. It is still more than 50 percent cheaper than hanwoo, or Korean beef. The average price of hanwoo was 4,999 won per 100 grams in September. [NEWSIS]