Cabbage Prices Soar 69.8% Due to Longest Monsoon Aftermath (Update)

Statistics Korea, August Consumer Price Trends

Consumer Price Index Rises 0.7%
Fresh Vegetables Up 28.6% · Seafood Up 7.3% · Fruits Up 7.2%
Agricultural, Livestock, and Fishery Products Increase Over 10%

[Sejong=Asia Economy Reporter Joo Sang-don] Due to the impact of the longest rainy season on record, vegetable prices rose sharply last month. The price of napa cabbage surged nearly 70% compared to last year.

According to the August Consumer Price Trends released by Statistics Korea on the 2nd, the Consumer Price Index stood at 105.50 (2015=100), marking a 0.7% increase compared to the same month last year. The rate of increase expanded by 0.4 percentage points from the previous month (0.3%).

Among a total of 460 items, the Living Price Index, which is calculated based on 141 items with high purchase frequency and expenditure weight that consumers are sensitive to price changes, rose 0.5% compared to the same month last year. Food prices increased by 3.9%, while non-food items decreased by 1.5%. The Living Price Index including rent and utilities rose by 0.4%.

Due to the prolonged rainy season, vegetable prices surged, causing a significant rise in overall fresh food prices. Compared to the same period last year, fresh vegetables increased by 28.6%, fresh seafood by 7.3%, and fresh fruits by 7.2%. Accordingly, the fresh food index rose by 15.8%. In particular, napa cabbage jumped 69.8% compared to last year. Sweet potatoes (56.9%), tomatoes (45.4%), and pumpkins (55.4%) also saw sharp price increases. Pork and domestic beef rose by 16.2% and 9.5%, respectively.

By expenditure purpose, compared to the same month last year, food and non-alcoholic beverages (6.6%), other goods and services (2.0%), health (1.5%), food and accommodation (0.6%), clothing and footwear (1.1%), household goods and household services (0.1%), and alcoholic beverages and tobacco (0.1%) increased. Housing, water, electricity, and fuel remained unchanged, while communication (-0.4%), recreation and culture (-0.8%), education (-2.8%), and transportation (-2.7%) decreased.

This content was produced with the assistance of AI translation services.