Livestock prices in S Korea surge due to FMD

16:08, March 03, 2011      

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South Korea's prices of livestock products made the biggest jump in February since statistics started to be tallied in January 1985, as the country grapples with continual outbreaks of foot-and-mouse disease (FMD), Statistics Korea said Thursday.

According to Statistics Korea, prices of livestock products surged 8.7 percent in February from the previous month. Pork prices, in particular, saw the largest growth with an increase of 18.8 percent in a month the highest level since a rise of 28.7 percent reported in April 1984.

Food products that use pork as a main ingredient also witnessed a significant rise in their prices.

Chicken prices soared 11 percent in February compared to the previous month, largely due to reduced supply amid the outbreak of bird flu.

Domestic beef prices fell 0.8 percent in February from the previous month, while imported beef prices advanced 6.8 percent the highest growth recorded since 7.5 percent in July 1996.

The fall in domestic beef prices could be attributed to a decrease in demand driven by concerns over FMD.

The highly contagious animal disease has devastated South Korea 's livestock industry. Since the first case was confirmed on Nov. 29, more than 3.4 million animals, mostly cattle and pigs, have been put to death, with losses estimated at about 3 trillion won (2.6 billion U.S. dollars).

Source: Xinhua
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