{"id":2201757,"date":"2023-07-21T08:00:23","date_gmt":"2023-07-20T23:00:23","guid":{"rendered":"https:\/\/koreapro.org\/?p=2201757"},"modified":"2023-07-20T18:36:49","modified_gmt":"2023-07-20T09:36:49","slug":"government-steps-in-as-south-koreas-food-price-surges-due-to-weather-woes","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2023\/07\/government-steps-in-as-south-koreas-food-price-surges-due-to-weather-woes\/","title":{"rendered":"Government steps in as South Korea\u2019s food price surges due to weather woes"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Fruit and vegetable prices are <\/span><a href=\"https:\/\/english.chosun.com\/site\/data\/html_dir\/2023\/07\/20\/2023072001524.html\"><span style=\"font-weight: 400;\">surging<\/span><\/a><span style=\"font-weight: 400;\"> in South Korea after a severe heat wave followed by torrential rains damaged vast swathes of farmland. About 77 square miles of farmland have been flooded, and more than 561,000 livestock animals were killed, according to the <\/span><a href=\"https:\/\/www.mafra.go.kr\/home\/5109\/subview.do?enc=Zm5jdDF8QEB8JTJGYmJzJTJGaG9tZSUyRjc5MiUyRjU2NjgyMiUyRmFydGNsVmlldy5kbyUzRg%3D%3D\"><span style=\"font-weight: 400;\">agriculture ministry<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In response, the ROK agriculture ministry has <\/span><a href=\"https:\/\/www.mafra.go.kr\/bbs\/home\/792\/566836\/artclView.do\"><span style=\"font-weight: 400;\">designated<\/span><\/a><span style=\"font-weight: 400;\"> a number of agricultural and livestock products for discounts in a bid to stabilize prices following the monsoon rainfall. Discounts of up to 30% will apply for lettuce, spinach and chicken at discount chains and traditional markets. The government plans to address a chicken supply shortage by importing more breeding stock. Furthermore, it aims to import its full quota of 30,000 tons under the allocation tariff by August. The ministry is also planning to release 10,000 tons of napa cabbage and 6,000 tons of radish from the state reserves.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The surge in fruit and vegetable prices could potentially disrupt the <\/span><a href=\"https:\/\/koreapro.org\/2023\/07\/south-koreas-inflation-dips-below-3-for-the-first-time-in-two-years\/\"><span style=\"font-weight: 400;\">recent easing<\/span><\/a><span style=\"font-weight: 400;\"> of South Korea\u2019s inflation rate. The government\u2019s response is crucial in mitigating these effects. The government\u2019s proposed measures are particularly important in the lead-up to Chuseok, South Korea\u2019s mid-autumn harvest festival in September, a time when food consumption typically increases.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Further, the rise in food prices has broader implications for household spending. As food prices increase, households have to allocate a larger portion of their budget to food items, which can strain finances, particularly for lower-income households.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/culture-society\/\"><span class=\"tag\">Culture &amp; Society<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/domestic-politics\/\"><span class=\"tag\">Domestic Politics<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>Fruit and vegetable prices are surging in South Korea after a severe heat wave followed by torrential rains damaged vast swathes of farmland. About 77 square miles of farmland have been flooded, and more than 561,000 livestock animals were killed, according to the agriculture ministry. In response, the ROK agriculture ministry has designated a number [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2201759,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,25,27],"class_list":["post-2201757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-culture-society","tag-domestic-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Government steps in as South Korea\u2019s food price surges due to weather woes - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2023\/07\/government-steps-in-as-south-koreas-food-price-surges-due-to-weather-woes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Government steps in as South Korea\u2019s food price surges due to weather woes - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"Fruit and vegetable prices are surging in South Korea after a severe heat wave followed by torrential rains damaged vast swathes of farmland. 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