South Korea's food prices are among the highest globally.

In a global comparison, Seoul's food prices rank 8th, only behind a few cities such as Geneva, Zurich, and New York, and higher than Tokyo, London, Paris, and Sydney. The primary reason for the persistently high food prices in South Korea is the low self-sufficiency rate of agricultural products and high dependency on imports, which are significantly impacted by fluctuations in international grain prices and the Korean won exchange rate. In 2022, South Korea's self-sufficiency rate for grains was only 49.3%, with an average self-sufficiency rate for grains at 19.5%, the lowest among OECD member countries. Meanwhile, the circulation costs of agricultural products have been high for a long time. According to data from the Korea Agro-Fisheries & Food Trade Corporation, the circulation cost rate was 39% in 1999 and rose to 49.7% in 2022, with some categories exceeding 60%. Experts warn that if food inflation continues, it will ...