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Meat prices set to fall in Spring
23 Jul 2004
Consumers have had to pay record prices for lamb and historically high prices for beef over the past few months. Retail prices for lamb rose 11.6 per cent in the March quarter to a record $11.45 a kilo. Meat and Livestock Australia figures show lamb has risen in price by 58 per cent over the past five years.
Beef price rises have been less than those of lamb, rising 5.3 per cent in the March quarter. But beef is still more expensive, costing an average retail price of $13.95 a kilo. This is 38 per cent higher than the retail price five years ago.
Pork and chicken retail prices have only risen marginally in the past few months, although pork prices are 29 per cent higher than they were five years ago and chicken prices are up 13 per cent. In the March quarter, pork prices were up 2.5 per cent to $10.45 a kilo. Chicken prices rose 4.8 per cent to $4.02 for a whole bird.
Meat and Livestock believes the rise in red-meat prices is due not only to three years of drought but to increased consumer demand. Meat-eaters are now also more willing to pay for quality, MLA's Peter Weekes said. He expects a considerable increase in lamb numbers in Spring, with lamb meat prices to fall "faster and further than they have in past Springs".
Australian Financial Review, 23/7/04.
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