Due to the heatwave, the price of eggs at production sites is skyrocketing. While supply is decreasing in September, demand is increasing, leading to expectations that egg prices could rise further ahead of the Chuseok holiday in October. In response, large supermarkets are attracting customers by selling eggs at prices close to cost through discount events.
According to the Agricultural Observation Center of the Rural Economics Institute on the 5th, the average price of eggs at production sites in August (based on 10 special eggs) was 1,941 won, which is 20.1% higher than the previous year. This level is approximately 20.8% higher compared to the average price over the past five years (1,607 won). As of the previous day, the average price of one carton of eggs (30 special eggs) announced by the Korea Institute for Animal Products Quality Evaluation was around 6,900 won. This represents an increase of about 6.1% compared to the average egg price (6,498 won).
Some in the industry believe that egg prices will continue to rise. The heatwave that persisted throughout the summer has reduced egg production, leading to increased egg prices. According to the food industry, most domestic poultry farms are of a closed structure. This structure makes it difficult for heat to dissipate easily, and since chickens do not have the ability to regulate their own body temperature, mortality incidents increase when a heatwave occurs.
According to the Ministry of Interior and Safety, from May 20 to this month on the 2nd, a total of 1,696,400 poultry have died. A food industry insider noted, "When the season of 'Chukyo' among the 24 solar terms arrives, the weather usually cools down a bit, but I'm worried because the autumn typhoons that usually come have passed and the weather is still hot."
The increase in egg demand during Chuseok is another reason for anticipating a rise in prices. Many dishes using eggs are typical during the Chuseok holiday, including various types of pancakes. A fresh produce manager at a large supermarket stated, "Unless new laying hens start producing eggs quickly from October, there won't be any significant changes in supply and demand, and prices are expected to remain higher than in previous years," adding, "Eggs have served as a kind of bait product to attract consumers to supermarkets, so we are responding by reducing profit margins."
Large supermarkets are focusing on lowering prices through discount events. Emart is selling "30 egg packs (large eggs)" for 5,980 won until the 7th. Lotte Mart will also limit the sale of "Happy Living Eggs (large eggs, 30 pieces)" to only that day for 5,990 won.