Putting Korean Beef on the Chuseok Table Is Becoming a Burden as Sirloin Prices Rise 23% and Tenderloin Prices 20%

[Financial News] The price of Korean beef, a key item for holiday meals, has risen by nearly 20% from last year ahead of Chuseok, adding to inflationary pressure on consumers.
According to the Korea Rural Economic Institute (KREI) on the 6th, wholesale Korean beef prices during this year’s Chuseok peak season are expected to reach 24,000–25,000 won per kilogram. This represents an increase of 14.3–19.0% from last year. Wholesale Korean beef prices are also projected to remain at around 22,500 won per kilogram in the fourth quarter, up 5.8% year-on-year and 13.5% above the average of previous years.
Retail prices felt by consumers have risen even more sharply. According to the Korea Institute for Animal Products Quality Evaluation (KAPE), the consumer price of Korean beef tenderloin was 15,308 won per 100 grams as of the 4th, up 19.9% from the same period last year. Sirloin and brisket prices rose 22.6% and 17.7%, respectively.
The price increase is being driven by reduced supply. After Korean beef prices fell several years ago, the number of cattle being raised declined, leading to decreases in both shipments and slaughter volumes. Higher feed costs resulting from rising international grain prices are also cited as a factor pushing prices upward. International grain prices have been trending higher across the board amid concerns over harvests in major producing countries and continued uncertainty surrounding export flows in the Black Sea region. According to the Food and Agriculture Organization of the United Nations (FAO), the global grain price index stood at 116.3 points last month, up 2.2% from the previous month.
In response, the authorities plan to conduct inspections under the livestock traceability system and take measures to ease the burden of rising prices ahead of the holiday.
The Ministry of Agriculture, Food and Rural Affairs (MAFRA) said, "Ahead of Chuseok, we plan to do our utmost to ease the burden on consumers by expanding supplies of major holiday food items and providing discounts."

[email protected] Kim Hyun-ji Reporter