South Korea’s agriculture ministry said the country will release its stocks of eggs and poultry in June to stabilize prices.
The average price of a 30-egg carton exceeded 8,000 won ($7.09) last week after being stabilized in the 7,000 won range in February. Egg prices had soared for months after the bird flu outbreak in November.
Five million eggs will be released for two weeks at a price 30 percent lower than the market. On the other hand, 2,100 tons of poultry meat will be released by the end of May. It will be sold 50 percent cheaper than the market price.
The National Agricultural Cooperative Federation will purchase the eggs and poultry from the government at wholesale prices and sell them through its outlets nationwide.
The ministry is planning to import eggs from Thailand, Denmark and the Netherlands from as early as next month to avoid shortages. Private distributors are also encouraged to release their stock. They hold an estimated 6,000 tons of poultry meat.