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Domestic wholesale egg prices cut for 2nd time in May

05/21/2024 07:02 PM
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CNA file photo
CNA file photo

Taipei, May 21 (CNA) Wholesale egg prices in Taiwan have been cut for the second time in May following a reduction in consumption due to rising temperatures, the Taipei egg commercial association said Tuesday.

Lin Tien-lai (林天來), the head of the association, told CNA that egg prices in the wholesale market had been lowered to NT$42 (US$1.30) per catty (one catty = 600 grams) from NT$45, effective Thursday.

The decision came after the cutting of egg prices at production sites from NT$35.5 to NT$32.5 per catty, Lin said.

It was the second cut in domestic wholesale prices after an NT$2 reduction per catty went into effect on May 2.

The association said it decided to cut wholesale egg prices following consultations with egg farmers and agricultural authorities.

The association added that any decision Taipei makes regarding pricing will impact the entire egg market, given it is the major egg consumption market in the country.

On its website, the Ministry of Agriculture said egg consumption reduces during the summer, so with stock on the rise, the pricing power of egg vendors has been impacted.

According to the ministry, Taiwan currently produces about 24.20 million eggs a day.

In April, a nearly 20 percent year-on-year fall in egg prices stopped the local consumer price index from rising above the 2 percent alert level despite an average 11 percent hike in electricity tariffs.

The CPI rose 1.95 percent from a year earlier in April as egg prices plunged 19.03 percent. This capped monthly CPI growth at 0.09 percentage points.

The tumble in egg prices in April came after a relatively high comparison base over the same period last year when Taiwan had suffered a serious egg shortage.

(By Yang Shu-min and Frances Huang)

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