South Korea: Potatoes are expensive even in April, 27-36% higher than normal

Published 2023년 3월 26일

Tridge summary

The Korea Rural Economic Institute forcasts a rise in potato prices in April, with wholesale prices expected to range from 70,000 to 75,000 won for 20 kg, marking a 4-12% increase from April of the previous year and a 27-36% increase from the average price over the past three years. This increase is due to a potato shortage and a predicted decrease in shipments, but the rise in prices may not be significant as spring potato production is expected to increase in April. The high prices are also attributed to the poor quality of some potatoes shipped this month due to low temperatures during the growing season, and the decrease in potato production in the United States.

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

Original content

(Seoul = Yonhap News) Correspondent Shin Seon-mi = There is a forecast that potato prices will be strong in April as well. According to the Korea Rural Economic Institute on the 26th, the wholesale price of potatoes (sumi, product) next month was predicted to be 70,000 to 75,000 won for 20 kg. This is 4-12% more expensive than April of last year (66,999 won) and 27-36% more expensive than the average price (55,250 won). The average price is the average value of the three years excluding the highest and lowest prices among the five years from 2018 to 2022. The researcher predicted that shipments would decrease due to a shortage of stored potatoes, and potato wholesale prices would rise. However, it is expected that the increase will not be large as spring potato production at the facility will increase next month. In the case of this month, the wholesale price of potatoes was 71,199 won per 20 kg, up 27% from a year ago and 34% from the previous year. In addition to the lack of ...

Source: Yna