ANN/THE KOREA HERALD – Vegetable prices in South Korea have skyrocketed due to an unprecedented heatwave affecting the country for weeks, with napa cabbage prices increasing by nearly 70 per cent compared to last year.
On Thursday, a head of cabbage, essential for making kimchi, was priced at KRW 9,337 (USD 7.02), according to the Korea Agro-Fisheries and Food Trade Corp. This marks a 69.5-per-cent jump compared to the same time last year and a 32.7-per-cent increase over the three-year average price.
Continued hot weather and drought have caused a shortage of high-quality produce, pushing up the average price of agricultural products.
This phenomenon has been dubbed “heatflation”, a portmanteau of heat and inflation. The recent spike in cabbage prices follows the government’s conclusion of its discount programme for purchasing major agricultural and fish products during the recent Chuseok holiday.
During the promotional period from August 29 to September 18, cabbage prices rose to KRW7,000 per head on September 6 and jumped to the KRW8,000 range by September 13 due to increased demand.
Other vegetables are also experiencing soaring prices due to extreme weather conditions.
As of Thursday, the retail price of a single radish stood at KRW3,826, up 65.4 per cent from last year and a 38.8-per-cent increase over the average. Spinach, a crop that thrives in cooler temperatures, retailed at KRW3,728 per 100 grammes (g), reflecting a 48.5-per-cent increase from last year and more than double the average price.
Red leaf lettuce was priced at KRW2,122 for 100g, up 22.6 per cent from last year and 25.4 per cent above the average.
Cucumbers were priced at KRW13,540 for 10 pieces, up 17.1 per cent from last year, while Cheongyang chili peppers sold at KRW1,829 per 100g, marking an 18.8 per cent year-on-year increase.
