A slight drop in temperature this week has already prompted Hongkongers to buy more ingredients for hotpot. With the mercury forecasted to drop nine degrees Celsius to 18 degrees this Friday, people are getting their pots ready.

But now they should expect to pay more.

Ng Fung Hong said that due to the rising demand of beef on the mainland as well as the high cost of breeding, the wholesale price of beef will be increased from Thursday.

The price for fatty beef will be HK$5,710 per 100 catties (60 kilograms), an increase of HK$430 from the current price of HK$5,280, more than 8 percent.

The increase is much more than previous hikes, which had usually ranged from HK$100 to HK$200 per 100 catties.

A cow weighing 600 catties (360 kg) will cost HK$2,000 more.

A frozen meat stall owner said that both the wholesale prices of both fresh and frozen meat have become more expensive recently, increasing pressure for retailers to raise prices.

The Hong Kong Cattle Slaughter Trade Association said earlier that it has no choice but to pass the price hike on to consumers.