Indonesian beef prices typically become slightly cheaper between the two religious periods – Ramadan and Eid al-Adha – when demand for the popular protein temporarily subsides. However, prices remained high this year, as product shortages continued.
Fresh knuckle in Jakarta wet markets averaged IDR 122,500/kg (A$12.25/kg) in August, up 1% from the previous month, or 6% higher than a year-ago (beef from local and Australian cattle, data by Morelink). A similar increase was seen across other items, including frozen cuts imported from Australia.
While local and international retailers are rapidly developing Indonesia’s modern retail segment, traditional channels such as wet markets and small scale outlets still dominate beef sales. According to data by IGD Retail Analysis, the top five retailers occupy only 5% of the country’s grocery retail market.
Wet market prices remains critically important for that reason, with the Indonesian government owned company BULOG (responsible for maintaining food price stability) monitoring beef prices and partaking in beef and cattle trade, when required.
