The average price of imported beef hit its highest level on record last week as Australian price hikes were coupled with the yen’s decline, the Agriculture, Forestry and Fisheries Ministry said Tuesday.
The average price of refrigerated loin beef imports rose by 8 yen per 100 grams from the previous week to 384 yen, the highest price since the ministry launched a weekly beef price survey in August 2003.
Japan’s beef imports come primarily from Australia.
Growing demand for beef also contributed to the rise in import prices, the ministry said.
The average price of domestically produced beef also increased, by 4 yen per 100 grams to 713 yen.
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