Key facts
- Retail price of 100 grams of spinach increased by 152.3% as of Friday compared to a month earlier.
- The price of 10 cucumbers climbed 54.8% and 100 grams of blue lettuce jumped 41.7% during the same period.
- Over 900,000 livestock, mostly poultry, have died due to the heat wave.
- Nearly 865,000 fish died due to warming ocean temperatures.
- The average auction price of 1 kilogram of flounder rose 2.29% from the previous week and 13.2% year-on-year.
- The government is taking measures to stabilize consumer prices, such as increasing broiler chicken imports.
South Korea is experiencing a sharp increase in food prices, particularly for agricultural products, as the nation endures a severe and prolonged heat wave. Retail prices for spinach have surged by 152.3% in the past month, while cucumbers and blue lettuce have also seen significant price hikes.
The agriculture ministry stated that vegetables, especially those that thrive in cooler temperatures, are highly vulnerable to high summer heat, leading to reduced supply and subsequent price increases. The extreme weather has also impacted livestock and fish farms, with over 900,000 livestock, predominantly poultry, dying due to the heat. Additionally, nearly 865,000 fish have perished due to warming ocean temperatures.
This has led to an increase in fish prices, with the average auction price for flounder rising by 2.29% week-on-week and 13.2% year-on-year. Industry observers anticipate further price increases for fish in September as sea temperatures cool more slowly than land temperatures.
In response to growing concerns over heat-driven inflation, the South Korean government is implementing measures to stabilize consumer prices. These include increasing imports of broiler chickens and expanding promotional events for fish at discount stores.