Red meat retail prices ease in 2007

by Editor
Friday, January 25, 2008

Retail prices for beef and lamb averaged lower during 2007, as red meat supplies on the domestic market increased.

Australian retail price for beef averaged 1.2% lower than 2006, while lamb prices eased back 1% (Australian Bureau of Statistics).

The combination of steady beef production during 2007 and a decline in beef exports resulted in an increased supply of beef available for the domestic market throughout the year. Retail beef prices for 2007 averaged $13.41/kg, back 1.2% on 2006’s average of $13.57/kg. Partially offsetting the impact of increased beef supplies in the domestic market was higher prices for grainfed beef, with record feed grain prices during the year.

In contrast to beef, record lamb production during 2007 saw an increased supply of lamb available for both the domestic and export markets. Retail lamb prices during 2007 averaged $10.62/kg, down 1% on the previous year.

The very high feed grain prices experienced throughout 2007 contributed to higher average retail prices for both pork and chicken.

Retail prices for pork average 2.3% higher for the year, at $10.45/kg, with increased domestic production costs being partially offset by cheaper imports.

Retail chicken prices averaged $3.29/kg during 2007 – up 3.2% on 2006, but still below the average prices recorded between 2002 and 2005.