The prices of pork and beef surged over the 15-month period from January 2011 to March this year, and this has hit hard on consumers.
A study conducted by the Consumer Council found the differences between the average retail prices of pork and beef and the average wholesale prices of live pigs and cattle had widened in the same period of time. The widened differences were 26% and 14% respectively.
The Council's study has made references from the average wholesale prices of live pigs and cattle provided by the Agriculture, Fisheries and Conservation Department and the average retail prices of lean pork and beef from the Census and Statistics Department in analyzing the 15-month price trends.
Pork
The average wholesale price of live pigs rose gradually from HK$12.4 per catty in January 2011 to a high of HK$16.8 in July 2011, representing a 35% increase. In March this year, the average wholesale price dropped to HK$13.8 per catty which marked a 18% decrease when compared to the highest average wholesale price (HK$16.8) in last July.
As for fresh lean pork, however, the average retail prices surged from HK$34 per catty to as high as HK$42.7 in the first 10 months of 2011, representing a 26% increase. Despite the price dropped a little for a short while, it was on the rising trend again. In March this year, fresh lean pork was sold at the average price of HK$41 per catty in the market - an increase of 21% when compared to the price early last year, although this recorded a drop of 4% compared to its peak in October 2011.
During the survey period, the difference in average price between live pigs and fresh lean pork widened, from HK$21.6 per catty in last January to HK$27.2 in March 2012, which was an increase of 26% (HK$5.6). It was found that when the average wholesale price of live pigs began to fall from the peak in late 2011, the average retail price of fresh lean pork dropped relatively less, it then even went up when the average wholesale price adjusted downward.
Beef
As for the price of fresh beef, the survey found that the average retail price adjustment was roughly in line with the average wholesale price adjustment of live cattle.
Live cattle's average wholesale price maintained steady at HK$23.7 to HK$23.8 per catty in the first quarter of last year, but rose to HK$28.2 in March of 2012, revealing a 19% increase over the price in January 2011.
Retained at HK$60.9 to HK$61.3 per catty in the first quarter last year, the average price of fresh beef had 16% rise by comparison in March this year.
There was a 14% (HK$5.2) increase in the difference between the average wholesale price of live cattle and the average retail price of fresh beef in the survey period.
Consumers had to face the brunt of rising daily expenses as the retail prices of fresh pork and beef were persistently high in the past year. The Council urges retailers to adjust retail prices in accordance with actual costs, and lower the retail price should the wholesale price drops.
The Consumer Council reserves all its right (including copyright) in respect of CHOICE magazine and Online CHOICE ( https://echoice.consumer.org.hk/ ).
- 2012.05.15