Mr. Kim (61), who lives in Jinju, Gyeongnam, was worried ahead of the Lunar New Year holiday. I want to prepare plenty of food for my family, but the burden has increased due to rising prices. “Recently, I went to the supermarket to make kimchi, but the radish was so expensive that I couldn’t bring myself to buy it in boxes,” he said. “In the past, I even prepared food to share with my family, but this holiday, I think I will buy only the minimum amount to put on the ancestral rite table.”
Due to the influence of abnormal weather, prices of major agricultural products, including cabbage and radish, have soared to about twice the price of a year ago, raising concerns about food prices. In particular, as concerns grow about price instability for sacred items ahead of the Lunar New Year holiday, the government plans to introduce price management measures as early as this week.
According to the Korea Agro-Fisheries and Food Trade Corporation (aT) on the 5th, the average retail price of cabbage as of the 3rd of this month was 5,027 won per head, up 58.93% from last year (3,163 won). Even compared to the average price (3,754 won), which is the three-year average excluding the highest and lowest prices from 2020 to last year, it is 33.91% higher. One radish was priced at 3,206 won, up 77.42% and 52.74% from a year ago and the average year, respectively.
The rise in cabbage and radish prices is due to the sluggish growth of agricultural products due to the effects of climate change, such as last year’s summer heat wave and the late heat that continued after Chuseok. Last year’s early shipment of cabbage and radish to stabilize prices during the kimchi season also had an impact.
Fruit prices are also strong. The average retail price of pears (reported), a Lunar New Year holiday product, was 41,955 won for 10 pieces, up 24.57% from a year ago and 23.46% from the average year. Last year’s pear production decreased compared to the previous year, and damage from heat waves occurred during the post-production storage stage, reducing the quantity available for distribution. The price of 10 apples (Fuji) is 10.19% lower than last year, but 3.14% higher than the average year.
Tangerines, which are frequently visited by consumers in winter, cost 4,804 won for 10 pieces. Due to heat and damage, it increased by 12.27% and 63.29% compared to the previous year and the average year, respectively. In the case of strawberries, the price per 100g (2,542 won) is 10.38% more expensive than a year ago and 25.41% more expensive than the average year.
As the prices of fruits and vegetables soar, the burden on consumers is increasing. Mr. Kim (21), a college student, complained that it had become difficult to buy the fruit he particularly liked due to the recent poor economic situation. Mr. Kim said, “The minimum wage has risen to 10,000 won per hour in the new year, and a pack (500g) of strawberries is more expensive than the hourly wage. It is not easy to find a job, so I think I will not be able to eat fruits and vegetables often in the future.”
Livestock product prices are more stable than agricultural products, but the spread of highly pathogenic avian influenza (AI) during the winter may act as a factor in rising chicken and egg prices. According to the Ministry of Agriculture, Food and Rural Affairs, 20 cases of highly pathogenic AI have occurred in poultry farms since the outbreak occurred in October last year. Although the number of laying hens culled is about 1% of the total breeding scale, the government plans to closely monitor the supply and demand situation.
The government plans to announce price management measures as early as this week as prices of major agricultural products soar ahead of the Lunar New Year peak season. It is expected that measures will be included to reduce the burden on consumers by increasing the supply of major health products to the highest level ever and supporting discount events. In particular, in order to stabilize prices of cabbage and other products, we are considering releasing as much available volume as possible into the market and temporarily suspending purchases. It is expected that they will also consider importing cabbage in case the situation worsens further.
Sejong = Reporter Kim Soo-yeon [email protected]
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