As the Chuseok holiday approaches, prices for key agricultural and marine products are on the rise. Record heat has driven up vegetable prices, compounded by reduced catch volumes and damage from high temperatures. Additionally, the cost of processed foods is increasing, adding to the burden on consumers.
According to the Korea Agro-Fisheries & Food Trade Corporation (aT) on August 30, the average retail price of spinach was 2,195 won per 100 grams as of August 28, a staggering 62.8% increase from the previous month. Cabbage prices rose to 3,818 won per head, while cabbage increased by 3.74% to 3,100 won.
Leafy vegetables thrive in cooler climates, and production decreases when temperatures exceed 30 degrees Celsius. Consequently, during the hot summer months, a combination of reduced supply, increased demand during vacation periods, and rising management costs for pest control contribute to significant price hikes.
Seafood prices are also alarming. As of the same day, the price of squid (fresh, large) was 5,269 won each, up 16.67% from a year ago. The price of hairtail (fresh, large) rose to 13,840 won, a 5.28% increase, while frozen pollock reached 4,190 won, up 7.93%.
The rise in squid prices is attributed to a decrease in production. Last month, squid production fell to 12,748 tons, a 28.7% drop compared to the same month last year. Hairtail and pollock are also facing supply shortages due to poor catches.
Mackerel prices are also climbing. The price for imported mackerel is now 11,606 won per hand, a 31.62% increase from a year ago. The decline in the local catch quota for Norwegian mackerel, favored by domestic consumers, has significantly reduced import volumes. Imports that reached 215,000 tons in 2024 have dropped to around 80,000 tons this year.
The price of farmed flatfish remains high. According to the weekly seafood trends from the Korea Fisheries Cooperative, the price of farmed flatfish is 22,800 won per kilogram, a 6.5% increase from last year. Repeated high-temperature damage in recent years has contributed to this trend.
With production and supply conditions for key agricultural and marine products remaining unstable, the pressure for price increases could intensify as demand rises ahead of Chuseok. Furthermore, the prices of processed foods are also rising, creating uncertainty for consumers.
Nongshim raised the prices of 43 major brands, including instant noodles, snacks, and beverages, by an average of 5.8% starting August 1. CJ CheilJedang increased prices for 27 items, including cooked rice and dumplings, by an average of 8% at large retailers starting August 30. Other companies, including Ottogi, Coca-Cola, Lotte Chilsung Beverage, and Samlip, have also raised prices or announced upcoming increases.
In response, the government plans to announce measures to stabilize prices for essential holiday goods, aiming to supply a record amount ahead of Chuseok. Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol stated on August 28, "We will prepare measures to ensure that citizens exhausted by the heat can enjoy a plentiful Chuseok. In September, we will hold discount events for agricultural and marine products to alleviate the burden on consumers."
* This article has been translated by AI.
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