Egg prices in 'reasonable range': COA
The China Post News Staff and CNA
July 29, 2014, 12:01 am TWN
TAIPEI, Taiwan -- The Council of Agriculture (行政院農委會) said Monday that despite surging over the past month, egg prices are "still within a reasonable range," meaning it will not take immediate action to control prices.
Daily egg supply has dropped some 3.5 percent, or 600,000 eggs, since late June, causing prices to climb, the council said in a statement.
The farm price of eggs has risen to NT$34.5 (US$1.15) per 600 grams as of Monday from NT$25.5 at the beginning of this month, the statement said.
The council noted, however, that the wholesale price ranges between NT$32 and NT$42 for 600 grams, which is consistent with the average price of NT$38 during the first five months of this year.
That means the prices are "reasonably fluctuating, reflecting supply and demand" due to the fall in production, it said.
"Still, we will closely watch the future development of egg production and prices," it said, adding that it has asked egg farmers to keep their farms cool and get more chickens to help stabilize production.
Recent upswings in egg price are expected to add to Taiwan's inflationary pressure. Several financial institutions, including DBS Bank and Standard Chartered Bank, expect Taiwan to face stiffer inflationary pressures in the second half of the year on expectations that food prices will continue to rise.