Apples rise by 54% and peaches by 44%, high fruit prices for the time being in South Korea

Fruits

Vegetables

South Korea

Sustainability & Environmental Impact

Market & Price Trends

Published Dec 31, 2023

Tridge summary

Fruit prices have risen significantly this year, with prices for apples and other fruits up by more than 50% compared to the previous year due to weather conditions and decreased production. The inflation rate for agricultural products is also high, with prices for vegetables and fruits increasing. It is unlikely that fruit prices will fall significantly within the next month or two, and the government plans to bring in imported fruits to alleviate the price burden.

Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

Fruit prices are strong this month, with some fruit items rising more than 50% compared to the previous year. This year, prices have risen significantly as production has decreased due to abnormally low temperatures and heavy rain, and it is unlikely that fruit prices will fall for the time being. According to ‘December 2023 and Annual Consumer Price Trends’ recently announced by Statistics Korea on the 31st, the consumer price index for apples was 144.35 (2020=100), up 54.4% from a year ago. This year, fruit prices have risen significantly due to heavy rain in the summer, a decrease in cultivation area in the fall, and damage from pests and diseases. Apple prices are maintaining an increase of more than 50% compared to the previous year in the fall season. It rose to 74.7% last October and then slowed, but it is still at a high level. Among fresh foods, the price of fresh fruit rose 26.1% from a year ago. Among them, the price of apples rose the most, and other prices of peaches ...

Source: Donga