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Price of wholesale pork surges again

by 5m Editor
19 July 2007, at 10:16am

HONG KONG - Ng Fung Hong - the city's sole fresh pork importer - has again raised the wholesale price for pork, this time by more than 10 percent.

The increase, which is the third in less than two months, prompted pork vendors to warn they will raise the retail price by up to HK$4 a catty.

Ng Fung Hong said yesterday it will raise the wholesale price to HK$1,300 per 100 catties to meet rising local demand.

The importer imposed an increase of 7 percent on May 30, when the price rose from HK$1,060 to HK$1,134 per 100 catties. Two weeks ago, wholesale prices soared again as a result of a 20 to 30 percent drop in supply.

The latest adjustment represents a total jump of about 20 percent in wholesale prices since May 30.

A butcher at a Sham Shui Po market said she expected the retail price of lean pork to rise by between HK$2 and HK$4 a catty to about HK$32 per catty.

She said the increase will be a further blow to the trade as consumers will consume less or be forced to switch to other types of meat or frozen pork.

Source: The Standard

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5m Editor