South Korea: Green onion increased by 50%, spinach by 34% until Chuseok

Fresh Cabbage

Vegetables

Published Mar 8, 2024

Tridge summary

South Korea is experiencing a surge in vegetable prices, with a 12.2% increase compared to last year due to damage from cold waves and heavy snow in major producing areas. Green onions have seen a 50.1% price increase. The cost of eating out has also risen by 3.8% compared to the same month last year, surpassing the overall consumer price inflation rate for 33 months. The government plans to invest 20.4 billion won in March and April to support the delivery price of 13 vegetables and fruits at risk of price increase. Prices of apples and pears, which have recently risen significantly, are expected to remain high until Chuseok in September.

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

Vegetable prices are skyrocketing, with the price of green onions rising by more than 50% in one year. The price of eating out has exceeded the overall consumer price inflation rate for 33 months, increasing the burden on consumers. Apple and pear prices are expected to remain high until Chuseok this year. According to Statistics Korea on the 7th, vegetable prices rose 12.2% last month compared to a year ago. This is the largest increase in 11 months since March of last year (13.8%). Vegetable prices, which fell from July to September last year due to increased production, turned upward in October of last year (5.9%) and have been showing an increase of 8 to 12% every month for the past four months compared to the same month of the previous year. The prices of green onions and cabbage, which are highly consumed per person, have risen particularly sharply. Last month, the price of green onions rose 50.1% from the previous year. The price of green onions has been steadily rising by ...

Source: Donga