SOAR IN LOCAL EGG PRICES

[Anchor Lead]

Local egg prices have not come down since they spiked in the wake of last winter’s avian influenza. Egg prices may rise even higher as people are looking to cook at home amid another COVID-19 surge.

[Pkg]

The price of 30 eggs has climbed above the 8,000-won mark. The price gets knocked down to the mid-7,000-won level with a membership discount, but it is still about 45% more expensive than a year ago.

[Soundbite] Park Jin-sin(Daejeon Resident) : "I need eggs all the time so I came to buy them even though they’re expensive. I’m spending more on eggs than before."

The bird flu outbreak of last winter has slashed the number of egg-laying hens below the average level and it takes more than six months for a chick to mature enough to lay eggs. The recent heat wave also dashed hopes for a normalized egg supply.

[Soundbite] (Chicken Farm Employee) : "Hot weather causes them to eat less. Chickens don’t fare well in heat, so they’re likely to produce fewer eggs."

The average number of eggs purchased per household in the first quarter of this year rose 6.7% on-year to 137.7 eggs. Also, the resurgence of COVID-19 led to more people eating at home rather than dining out. This increased demand for eggs is likely to raise prices even further.

[Soundbite] Bae Sang-jin(Nonghyup Hanaro Club Wholesale Market, Daejeon Branch) : "Increasingly, people cook eggs or meat at home. So this situation is going to last for quite a while."

Imported eggs have filled the shortage, but Korean consumers prefer locally produced eggs. Therefore egg prices are likely to remain high for quite a while.