Severe Cold Wave Causes Sharp Rise in Vegetable Prices... Emergency for Food Table Costs

Growth Stunted by Record Cold Wave
Bell Peppers Up 104%, Perilla Leaves Up 65%
Price Increase Expected to Continue

[Asia Economy Reporter Lim Hye-seon] Kim Sook-hyun (41), a housewife who stopped by a nearby neighborhood mart, repeatedly picked up and put down bell peppers and zucchini. She was planning to make soybean paste stew for dinner, but buying a few ingredients easily exceeded 10,000 won. Prices have surged significantly compared to a month ago. Food prices such as coffee and milk have also risen one after another, making grocery shopping daunting. Kim said, "Even if I buy only the essential items at the mart, it always exceeds 100,000 won," adding, "I feel worried thinking about the upcoming Seollal holiday."

Vegetable Prices Double in a Month Due to Cold Wave

On the 3rd, the rise in vegetable prices showed no signs of slowing. Due to poor crop growth caused by a record-breaking cold wave and reduced agricultural production, coupled with increased use of heating fuel, vegetable prices have more than doubled in a month. According to the Korea Agro-Fisheries & Food Trade Corporation (aT), the wholesale price of bell peppers, which was 35,792 won per 10kg a month ago, rose 104% to 73,020 won. The price of perilla leaves (20kg), a representative leafy vegetable, increased sharply by 65.2%, from 22,288 won to 36,820 won. The cold damage and labor shortages caused by the cold wave that started on the 24th of last month, along with reduced sunlight, have slowed vegetable growth, making harvesting difficult. Additionally, increased heating costs to raise temperatures inside greenhouses contributed to the price hike.

In one month, lettuce rose 33.1% from 17,136 won to 22,800 won, green chili peppers (10kg) increased 27.6% from 39,232 won to 48,800 won, zucchini (20 pieces) went up 35.6% from 24,676 won to 33,460 won, and young radish leaves (4kg) rose 46% from 7,533 won to 11,000 won. Strawberries (2kg) also jumped 44.5% from 28,724 won to 41,500 won, and cherry tomatoes (5kg) surged 47.7% from 21,660 won to 32,000 won.

Dining Out Prices Have Already Soared Since December

The upward trend in vegetable prices is expected to continue. If the cold wave prolongs, vegetable prices will skyrocket. In December last year, Seoul experienced the strongest cold wave in 41 years, and heavy snowfall occurred in Gangwon, Jeolla, and Jeju regions. The Korea Meteorological Administration forecasts that this winter will have many days with sharply dropping temperatures and heavy snowfalls like showers. A representative from the Korea Rural Economic Institute explained, "Crops damaged by cold do not immediately recover production even if temperatures rise," adding, "With the strongest cold wave continuing, prices are unlikely to fall for the time being."

When agricultural product prices rise, dining out costs also surge. According to Statistics Korea, the price increase rate for agricultural, livestock, and fishery products slowed to 3.1% in September and 0.5% in October last year but sharply rose to 7.6% in November and 7.8% in December. As ingredient costs increased, the dining out price inflation rate also surged to 4.8% in December, marking the largest increase in 10 years.

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