South Korea: Sugar and salt prices increased sharply in September 2023

Published 2023년 10월 16일

Tridge summary

In September 2023, the sugar price index in Korea increased to 141.58, indicating a 16.9% rise compared to the previous year, while the salt price index increased to 167.17, marking the strongest increase since August 2022. This spike in prices can be attributed to various factors, including a decrease in salt output due to heavy rainfall and storms, an increase in demand for salt ahead of Japan's wastewater discharge from the Fukushima nuclear power plant, and climate change leading to lower output in major producing markets. Analysts predict that this could result in an increase in prices of consumer goods containing sugar and salt, ultimately contributing to the inflationary trend in Korea.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

According to the Korean Bureau of Statistics on October 11, the sugar price index in September 2023 compared to the 2020 base level of 100, increased to 141.58. This means that sugar prices in September 2023 increased by 16.9% compared to a year earlier. Meanwhile, the salt price index in September 2023 increased to 167.17, equivalent to an increase of 17.3%, marking the strongest increase since August 2022. Before that, salt prices also increased continuously from 6.5% in June to 7.2% in July and 12.4% in August. The reason was analyzed as a decrease in salt output due to heavy rains and storms. . Along with that, people's need to store salt increased sharply before Japan began discharging wastewater from the Fukushima nuclear power plant into the sea. Market analysts say the increase in sugar and salt prices is also due to increasing climate change and the resulting decline in output in major producing markets. South Korea's salt self-sufficiency is only 10%, leaving the ...

Source: Vinanet