South Korea: Apple retail prices in March fell 3.6% compared to February, 18% higher than last year

Published Apr 2, 2024

Tridge summary

In March, South Korea experienced a notable fluctuation in apple prices, with the retail cost of apples being 18% higher than the previous year, despite a 3.6% decrease from February. The average price for a bundle of 10 Fuji apples settled at 27,030 won, reflecting both a year-on-year increase from 22,847 won and a decrease from February's 28,060 won. These price changes are largely due to the government's efforts to mitigate the impact of a significant drop in apple production through expanded discount and delivery price support. However, discrepancies in reported prices have arisen, attributed to differences in discount application and statistical collection methods between the Korea Agro-Fisheries and Food Trade Corporation and Statistics Korea.

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

Original content

(Seoul = Yonhap News) Reporter Kim Yun-gu = Last month, the retail price of apples remained 18% higher than a year ago, but fell 3.6% from the previous month. According to the Agro-Fisheries and Food Trade Corporation's agricultural product price information site on the 1st, the average retail price of apples (based on 10 Fuji products) in March was 27,030 won. This is an increase of 4,156 won (18.2%) compared to the same period last year (22,847 won), but a decrease of about 1,000 won (3.6%) compared to last February (28,06 won). Compared to the same month last year, the retail price increase rate for apples reached 22.2% in February, but fell 4 percentage points to 18.2% in March. This is believed to be because the government expanded discount support and supported the delivery price (4,000 won per kg) as apple prices soared in the wake of a sharp decline in apple production. The retail price of apples was close to 30,000 won just a month ago, but has recently remained around ...

Source: Yna