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Pork Crunch in Hong Kong

by 5m Editor
29 November 2007, at 9:37am

HONG KONG - Pork lovers will have to dig deeper into their pockets following another price rise - the third in six months.

They will have to pay HK$38 for a catty of fresh pork, up HK$2, after Ng Fung Hong - one of the territory's three suppliers of live pigs from the mainland - raised the wholesale price of pork by a hefty 8 percent yesterday.

The company said the adjustment is aimed at stabilizing local supply amid continued price increases in fresh pork in the mainland.

The latest increase represents a 25 percent jump in the wholesale price to more than HK$1,300 per 100 catties and a rise of HK$8 per catty in the retail price since May.

The Fresh Meat Alliance - a union of live-pig buyers and truck drivers - has warned that high pork prices are here to stay for some time.

Alliance spokesman Ling Wai-yip said he is not optimistic about any price cuts in the near future as prices of live pigs in the mainland have continued to soar for the seventh week.

Hui Wai-kin, deputy chairman of the Pork Traders General Association of Hong Kong, said despite increased competition in the import market, price adjustments are unavoidable.

Restaurants are feeling the pinch. Ka Wah Restaurant, located on a public housing estate in Ngau Tau Kok, said rocketing pork prices are putting enormous pressure on its business.

Manager Peter Pang Siu-ming said customers will now have to pay HK$2 more for a dish of pork which normally costs HK$28.

But he said the restaurant will not switch to frozen meat although it's a cheaper option. A fresh pork stall operator in a Kowloon City market said although it is reluctant to raise prices again, it has no choice but to charge consumers more.

Source: The Standard

5m Editor