South Korea to monitor price increases in beef and pork

South Korea’s Vice Finance Minister Kim Yong-Beom has reportedly said that the government is keeping a close vigil on the increasing beef and pork prices in the country.

According to Statistics Korea data, the price of beef increased by 16.4% and pork by 10.5% on-year last month.

In a meeting with senior ministry officials, Kim said that the outbreak of Covid-19 in the country has led to a sharp rise in the demand for meat products.

Kim was quoted by Korea Times as saying that the government will ‘pre-emptively cope with key items that have a possibility of widening fluctuations in prices and supply’.

The minister added that the small and medium-sized firms in the country impacted by the pandemic have received financial support.

The financial institutions have provided $47.2bn in loans for the firms.

This week, the country’s National Assembly is expected to give its approval for a third extra budget, added Kim.

Last month, livestock prices increased 5.8% compared with a month ago, with pork up by 17.4% and beef by 4.8%, according to pulsenews.co.kr.

In June, agricultural, livestock and fishery products’ prices rose by 4.6%, reported KBS World Radio.

Last September, the South Koren Government ordered the culling of thousands of pigs following the confirmation of an outbreak of African swine fever (ASF).