Egg prices still high, up over 6% from last year

Egg prices have remained in the mid-7,000-won range per tray of 30, staying elevated as the government moves to import about 10 million fresh eggs a week to stabilize supply ahead of the Chuseok holiday.

The average price of a 30-egg tray in the third quarter through Wednesday stood at 7,385 won, according to the Korea Institute for Animal Products Quality Evaluation. That is 6.5 percent above the 6,932-won average in the same quarter last year and 9.7 percent higher than the historical average of 6,731 won. Prices have stayed strong all year after about 11.34 million laying hens were culled following a highly pathogenic avian influenza (AI) outbreak last winter.

Output is expected to gradually recover in the second half of the year as the laying hen population grows. The Korea Rural Economic Institute projects that the number of laying hens aged six months or older — old enough to produce eggs — will reach about 57.84 million by late this month, up 1.2 percent from the same period last year. Daily egg output is also forecast to rise 1.0 percent year-on-year to about 49.31 million eggs. The institute expects the average farmgate egg price to fall by roughly 10 to 30 won late this month.

The government will continue importing fresh eggs, bringing in an additional roughly 10 million per week until Chuseok, after which it will decide whether to extend imports based on prices and supply conditions. About 108 million fresh eggs have been imported so far this year. An official at the Ministry of Agriculture, Food and Rural Affairs said demand typically eases after Chuseok, which should help stabilize prices further, but cautioned that consumers could feel the pinch again once hypermarket discount promotions end, making it necessary to monitor price trends going forward.