Wholesale fatty beef price jumps 8pc in latest inflationary blow
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.
