Onion prices surge 346%, South Korea's prices soar to 10-year high

Since February 2011 , prices of agricultural and fishery products in South Korea have increased dramatically .

According to the " February Consumer Price Trends" released by the South Korean National Statistical Office on the 4th , due to the spread of avian influenza leading to poor supply and increased demand due to last month's holidays , the price increase rate of South Korea's livestock and fishery products was 16.2%, the highest level in 10 years since February 2011 .

According to the Agro-Fisheries & Food Distribution Corporation, the production of green onions in winter has decreased due to cold snaps and heavy snow . As of March 4, the retail price of green onions has risen to 7,575 won, which is 28% higher than last month and 346% higher than last year.

In addition to green onions, the prices of other agricultural products have also soared. For example , the price of eggs increased by 47.5% to 7,664 won (5,179 won last year), the price of apples increased by more than 55%, red pepper powder ( 35%), and rice (12.9%) .

It is not only vegetables and fruits that have seen price increases . The prices of various cooking ingredients such as beef, barbecue, soup, soup and barbecue have also partially increased , among which the retail price of pork has increased by 18% and the domestic beef has increased by 11.2%.

The report also showed that the "Fresh Food Index" in February ( 50 out of 50 representative fresh food varieties are selected to show price trends ) rose by 18.9% compared with the same month last year . It has been four months since the 19.9% ​​increase in October last year , setting a new record for the highest increase rate.

The four-month "zero inflation" also came to an end. In February, South Korea's consumer price index rose by 1.1% compared with the same period last year, the highest increase since the outbreak of the epidemic in February last year. The consumer price increase rate was 1% in September last year and 0% from October last year to January this year.

Fortunately, an official from the Korea National Statistical Office said that the rising trend in prices of agricultural, livestock and aquatic products may continue until this month, and the price growth trend of agricultural products is expected to decline next month.

The Korea Rural Economic Research Institute predicts that the prices of scallions and onions, the main food raw materials in Korea, will drop in March compared to the end of last month. Because the winter scallion harvest is recovering, and the import volume of scallions and onions has increased, the prices will definitely drop compared to the previous month.

South Korea Prices

Agricultural products

inflation