South Korea is experiencing a surge in vegetable prices due to an ongoing heat wave, with napa cabbage prices witnessing a near 70 percent increase from the previous year. The Korea Agro-Fisheries & Food Trade Corp reported that a head of cabbage, essential for making kimchi, was retailing at 9,337 won ($7.02) this Thursday. This represents a 69.5 percent rise from the same period last year and a 32.7 percent increase from the three-year average.
The country's prolonged hot weather and drought conditions have led to a scarcity of high-quality vegetables, contributing to an overall increase in the average price of agricultural products. This situation has been termed "heatflation," combining the effects of heat and inflation.
Following the government's termination of its discount scheme for major agricultural and fish products post-Chuseok holiday, cabbage prices have escalated. Prices climbed to 7,000 won per head on September 6 and reached the 8,000-won range by September 13, fueled by heightened demand during the promotional period from August 29 to September 18.
Similarly, other vegetables have seen price increases. Radish prices have risen by 65.4 percent from last year, with a single radish costing 3,826 won as of Thursday. Spinach, which prefers cooler climates, is now 48.5 percent more expensive than last year, with 100 grams retailing at 3,728 won. Red leaf lettuce and cucumbers have also seen price hikes, with 100 grams of red leaf lettuce costing 2,122 won, a 22.6 percent increase from last year, and cucumbers priced at 13,540 won for 10 pieces, up 17.1 percent. Cheongyang chili peppers have experienced an 18.8 percent year-on-year increase, selling at 1,829 won per 100 grams.
Source: The Korea Herald