"Wrapping Vegetables with Beef on the Table"... Yukwoo Prices Drop While Vegetables Become Pricier

Rising Food Prices Upset by Climate Change
Beef Prices Plunge as Cattle Slaughter Increases
Vegetables, Fruits, and Salt Surge Around Chuseok

The price of beef, a representative of premium meat, continues to plummet in an unusual phenomenon. On the other hand, prices of cheap ingredients such as various vegetables and salt are soaring. Global climate change is causing fluctuations in food prices.

According to data from the Korea Agro-Fisheries & Food Trade Corporation, beef prices during last Chuseok were cheaper compared to the previous year. Prices of both round and brisket cuts dropped by 7%, and in some cases by as much as 16%, compared to last year.

The decline in beef prices is due to an increase in supply. The number of cattle slaughtered during the Chuseok peak season was about 110,000 heads, an 11% increase from last Chuseok. The number of slaughters is expected to increase until next year and then turn to a downward trend from 2025.

Beef

Also, in Australia, a major overseas beef supplier for Korea, supply has significantly increased. According to the US financial media 'Bloomberg' on the 4th (local time), Australian beef prices have plummeted by 60% this year. Australia is one of the world's largest beef exporters. The collapse of Australian beef prices is likely to affect beef dishes in various countries.

Why have beef prices, once regarded as a symbol of 'premium meat,' repeatedly collapsed? The cause lies in climate change. According to Bloomberg, Australia is experiencing its driest year since meteorological statistics began. This is due to the 'El Ni?o' phenomenon, where temperatures warm and rainfall decreases.

As a result, the Australian interior has seen an increase in drought days, and pastures used to grow grass for cattle have dried up. As pasture prices rose, livestock costs soared, and ultimately, livestock farmers who could not bear the costs began to send their cattle to slaughter markets. The sudden influx of a large amount of beef into the market caused meat prices to plummet.

However, climate change is a double-edged sword for food ingredient prices. Unlike meat prices, prices of fruits and vegetables continue to rise. In fact, during last Chuseok, the price of pears at 34 large supermarkets rose by 32.4% compared to ten days before Chuseok, and apple prices increased by 19%. The summer heatwaves and heavy rains adversely affected fruit growth.

According to price trends from the Korea Agro-Fisheries & Food Trade Corporation's agricultural product distribution information, prices of essential ingredients for kimchi such as napa cabbage, red pepper powder, and salt rose by 22.5%, 22.1%, and 27%, respectively. On online communities like mom cafes, the slang term 'Gimpo-jok' (people who gave up on making kimchi) has also emerged.

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