South Korean food prices soar as agricultural, livestock costs surge in February



Briefings South Korean food prices soar as agricultural, livestock costs surge in February High agricultural inflation rates could sway voters if the government fails to stabilize costs in the coming month KOREA PROMarch 11, 2024 SHARE COPY LINK FACEBOOK X LINKEDIN MASTODON Fruits on display in a grocery store, March 4, 2020 \| Image: gemma on Unsplash South Korea’s consumer price index for agricultural and livestock products rose 2.9% in February compared to the previous month and 12.8% year-on-year, according to a report Thursday by the Ministry of Agriculture, Food and Rural Affairs (MAFRA). Fruit prices, led by apples and pears, surged 40.6% due to reduced production caused by weather-related factors. Vegetable prices also remained strong, while livestock prices fell 1.5% month-on-month but rose 1.1% year-on-year. MAFRA expects agricultural product prices to improve after March as weather conditions stabilize and shipping areas expand. Livestock prices are projected to remain stable for beef, pork and chicken, with egg © Korea Risk Group. All rights reserved. No part of this content may be reproduced, distributed, or used for commercial purposes without prior written permission from Korea Risk Group. LATEST ANALYSIS 01Trump’s Korea investment victory lap masks safeguards Seoul still controls 02North Korean POW dispute tests Seoul-Kyiv trust and future Ukraine policy 03South Korea’s CPTPP push exposes the cost of turning trade gains into consensus 04AI storage boom gives South Korea battery makers an EV overcapacity lifeline 05South Korea’s Mexico strategy runs into the hard limits of USMCA politics 06Preschool test ban forces South Korea’s English hagwons to rethink placement 07Lee Jae Myung’s Wall Street pitch tests South Korea’s capital market credibility 08US midterm clock raises stakes for South Korea’s $200 billion investment talks

Briefings

South Korean food prices soar as agricultural, livestock costs surge in February

High agricultural inflation rates could sway voters if the government fails to stabilize costs in the coming month

KOREA PROMarch 11, 2024

South Korean food prices soar as agricultural, livestock costs surge in February

Fruits on display in a grocery store, March 4, 2020 | Image: gemma on Unsplash

South Korea’s consumer price index for agricultural and livestock products rose 2.9% in February compared to the previous month and 12.8% year-on-year, according to a report Thursday by the Ministry of Agriculture, Food and Rural Affairs (MAFRA). Fruit prices, led by apples and pears, surged 40.6% due to reduced production caused by weather-related factors. Vegetable prices also remained strong, while livestock prices fell 1.5% month-on-month but rose 1.1% year-on-year.

MAFRA expects agricultural product prices to improve after March as weather conditions stabilize and shipping areas expand. Livestock prices are projected to remain stable for beef, pork and chicken, with egg

South Korean food prices soar as agricultural, livestock costs surge in February

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