{"id":2204182,"date":"2024-03-11T08:00:35","date_gmt":"2024-03-10T23:00:35","guid":{"rendered":"https:\/\/koreapro.org\/?p=2204182"},"modified":"2024-03-15T10:41:29","modified_gmt":"2024-03-15T01:41:29","slug":"south-korean-food-prices-soar-as-agricultural-livestock-costs-surge-in-february","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/03\/south-korean-food-prices-soar-as-agricultural-livestock-costs-surge-in-february\/","title":{"rendered":"South Korean food prices soar as agricultural, livestock costs surge in February"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea\u2019s 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 <\/span><a href=\"https:\/\/www.mafra.go.kr\/home\/5109\/subview.do?enc=Zm5jdDF8QEB8JTJGYmJzJTJGaG9tZSUyRjc5MiUyRjU2OTY3MSUyRmFydGNsVmlldy5kbyUzRnJnc0VuZGRlU3RyJTNEJTI2YmJzT3BlbldyZFNlcSUzRCUyNnBhZ2UlM0QxJTI2cm93JTNEMTAlMjZwYXNzd29yZCUzRCUyNnJnc0JnbmRlU3RyJTNEJTI2YmJzQ2xTZXElM0QlMjZzcmNoQ29sdW1uJTNEJTI2aXNWaWV3TWluZSUzRGZhbHNlJTI2c3JjaFdyZCUzRCUyNg%3D%3D\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\"> 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.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">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 prices trending downward. However, apple and pear prices will likely remain high due to limited storage.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The rising prices of agricultural and livestock products in South Korea stem from persistent issues such as <\/span><a href=\"https:\/\/koreapro.org\/2023\/07\/government-steps-in-as-south-koreas-food-price-surges-due-to-weather-woes\/\"><span style=\"font-weight: 400;\">extreme weather<\/span><\/a><span style=\"font-weight: 400;\">, increasing <\/span><a href=\"https:\/\/koreapro.org\/2023\/05\/south-korea-to-raise-power-and-gas-rates-by-5-3-amid-high-costs\/\"><span style=\"font-weight: 400;\">energy costs<\/span><\/a><span style=\"font-weight: 400;\">, livestock <\/span><a href=\"https:\/\/koreapro.org\/2023\/05\/first-foot-and-mouth-disease-cases-in-south-korea-since-2019-confirmed\/\"><span style=\"font-weight: 400;\">diseases<\/span><\/a><span style=\"font-weight: 400;\">, unfavorable exchange rates and an <\/span><a href=\"https:\/\/koreapro.org\/2024\/01\/why-young-south-koreans-rural-dream-meets-harsh-farming-reality\/\"><span style=\"font-weight: 400;\">aging population<\/span><\/a><span style=\"font-weight: 400;\">. As these factors are unlikely to change significantly in the near future, South Koreans can expect to continue paying more for agricultural goods in the long run despite potential short-term price fluctuations. MAFRA\u2019s remedial measures, including support for producer prices, consumer discounts and tariff rate quota adjustments, are temporary solutions that the finance ministry employed before, such as in <\/span><a href=\"https:\/\/www.moef.go.kr\/nw\/nes\/detailNesDtaView.do?searchBbsId1=MOSFBBS_000000000028&amp;searchNttId1=MOSF_000000000066466&amp;menuNo=4010100\"><span style=\"font-weight: 400;\">Nov. 2023<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">High food inflation rates may influence the upcoming general elections, potentially impacting the ruling People Power Party\u2019s <\/span><a href=\"https:\/\/www.gallup.co.kr\/gallupdb\/reportContent.asp?seqNo=1462\"><span style=\"font-weight: 400;\">current lead<\/span><\/a><span style=\"font-weight: 400;\"> over the main opposition Democratic Party. Voters affected by rising food prices could shift their support away from the ruling party if the government fails to effectively stabilize prices in the coming month. South Korea\u2019s parliamentary elections are scheduled for April 10.<\/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>South Korea\u2019s 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 [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2204184,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[30],"tags":[24,25,27],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korean food prices soar as agricultural, livestock costs surge in February - 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\/2024\/03\/south-korean-food-prices-soar-as-agricultural-livestock-costs-surge-in-february\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korean food prices soar as agricultural, livestock costs surge in February - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea\u2019s 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. 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