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Martin Wong

Paggie Leung

The wholesale price of fatty beef in Hong Kong rose by 8 per cent yesterday, an increase triggered by  mainland inflation.
Ng Fung Hong,  the city's sole importer of live cattle, said that as the cost of supplying fatty beef from the mainland had been rising, it had reached consensus with local beef traders to increase the price to ensure stable supplies.
The wholesale price was raised from  HK$22.50 to HK$24.30 a catty (600 grams), while retail prices yesterday ranged from HK$48 to HK$56 a catty.
The rise comes only two months after Ng Fung Hong increased the wholesale price of beef by  15 per cent.
'The rise is huge but if we don't agree to the increase, we will not have any stock to keep our businesses running,' said Chow Tak, vice-chairman of the Kowloon Beef and Mutton Merchants' Association.
About one-fifth of beef imported from the mainland to  the city is fatty beef, a popular ingredient for hot pot.
Census and Statistics Department figures show that pork prices rose by 48.2 per cent in January, beef by  41.4 per cent, fresh vegetables by 20.1 per cent and poultry by 17.2 per cent.
The rises pushed Hong Kong's real year-on-year inflation to 4.3 per cent in January, the highest in almost 10 years.
But  Hong Kong Poultry Wholesalers' and Retailers' Association chairman Steven Wong Wai-chuen said the retail price of chicken had dropped from HK$40 a catty last month to between HK$24  and HK$28 a catty.
Charles Li Kui-wai,  associate professor at City University's economics and financial department, said Hong Kong had also been hit by the appreciation of the yuan.
Forking out
The price of canned meat has risen from HK$8-HK$9 a can six months ago to a maximum of: $14



Wholesale fatty beef price jumps 8pc in latest inflationary blow