As sea temperatures rise due to a heatwave, the phenomenon of 'hitflation' is causing seafood prices to soar, exacerbated by losses in some fish farms.
According to Yonhap News on August 9, the price of 300 grams of flounder sashimi at large supermarkets is around 25,000 won. This marks a significant increase compared to May, when a promotional event saw 360 grams of flounder sashimi sold for 19,000 won.
Wholesale prices are also on the rise. The Korea Fisheries Association's weekly seafood trends report indicates that the average auction price for farmed flounder reached 22,300 won per kilogram from July 27 to August 1, a 13.2% increase compared to the same month last year.
The primary cause of this price surge is attributed to the heatwave. At the end of last month, over 21,000 flounders died in a Jeju fish farm due to high temperatures. The optimal water temperature for flounder farming is between 18 and 25 degrees Celsius, and temperatures exceeding 27 to 28 degrees significantly increase the risk of heat-related damage.
Wild Pacific saury have also been affected by the high temperatures. The phenomenon has led to a decrease in the number of fish entering coastal waters, resulting in lower catch volumes and higher prices. On August 8, the average auction price for live Pacific saury at the Noryangjin Fisheries Wholesale Market was recorded at 17,000 won per kilogram, an increase of 10,000 won compared to August 2 of last year.
Additionally, the price of black rockfish remains high, primarily due to farms located in the southern sea. According to the Korea Fisheries Association, the average auction price for black rockfish reached 25,000 won per kilogram on August 6.
Due to the ocean's slower heating and cooling compared to land, the period from late August to early September is classified as the time when sea temperatures are at their highest along the Korean coast. Consequently, the inflationary pressures caused by the heatwave are expected to persist into September. As catch volumes decline due to high temperatures, wholesale prices will rise, leading to increased prices at supermarkets and sashimi restaurants.
* This article has been translated by AI.
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