US Beef Prices Surge in Korea, Raising Holiday Meal Costs
Creatrip Team
4 months ago
US beef (American beef) prices in Korea have risen sharply, with frozen US short ribs at 4,435 KRW per 100g last month — up about 3% from a year ago and nearly 19% from the typical level. The main causes are a significant drop in US cattle herds due to droughts, extreme weather and higher feed costs, plus a weaker won against the dollar (exchange rate), which raises import costs. Korea’s import price index has climbed for four months, and retailers report consumer prices may increase further ahead of the year-end season. Domestic Korean beef (hanwoo) prices have also risen — consumer price index for domestic beef up 4.6% year-on-year and top-grade hanwoo rising nearly 3.9% — because producers cut supply after pandemic-era oversupply. With both imported and domestic beef more expensive, consumers face higher dining-out and grocery bills during the holidays.
