SEOUL, August 10 (AJP) - South Korea’s prolonged heat wave is pushing up food prices, as extreme temperatures disrupt fresh food output and add volatile press pressure on top of energy costs.
While the worst of last week’s near-40 C heat has eased, heat wave alerts remained in effect across most of the country Monday, with daytime highs forecast at 27 to 34 C and tropical nights continuing in many areas.
Temperatures topped 40 C in some parts of the country as recently as Friday, including areas of Gyeonggi Province and South Gyeongsang Province, underscoring the severity of this summer’s prolonged heat.
The heat is now increasingly being reflected in grocery prices, a phenomenon often described as “heatflation.”
According to price data from the Korea Agro-Fisheries & Food Trade Corp., or aT, the wholesale price of a 50-count box of cucumbers stood at 16,200 won ($11.4) as of Thursday, up 87.1 percent from a month earlier. The price of 4 kilograms of spinach jumped 86.5 percent to 37,300 won over the same period.
Wholesale prices for Korean broccoli rose 69.6 percent, zucchini climbed 69.1 percent and red chili peppers gained 58.8 percent over the month. Persistent high temperatures have slowed crop growth while also reducing the amount of time farmers can work outdoors, contributing to lower shipments.
The impact is also spreading to fisheries. The average auction price of farmed flounder at Seoul’s Noryangjin Fisheries Wholesale Market reached 22,300 won per kilogram between July 27 and Aug. 1, up 13.2 percent from a year earlier. More than 21,000 flounder reportedly died at fish farms on Jeju Island in late July as water temperatures rose to 27 to 28 C, above the species’ optimal range of roughly 18 to 25 C.
Egg prices are also adding pressure to household food bills. The average price of a 30-egg carton reached 9,496 won in the second quarter, up 15.8 percent from a year earlier, although the increase also reflects factors such as supply disruptions caused by avian influenza rather than the heat alone.
The Bank of Korea has warned that climate-driven temperature increases can have broader inflationary consequences. Its analysis found that a 1 C rise in the monthly average temperature could raise the agricultural product inflation rate by as much as 0.44 percentage point and overall consumer inflation by up to 0.07 percentage point.
The heat is expected to remain a concern. The Korea Meteorological Administration said temperatures through mid-August would remain above seasonal norms, with apparent temperatures reaching at least 33 C across most of the country and exceeding 35 C in some inland areas.
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