A person who ate an apple every morning now eating a banana?..."Not an alternative to imported fruit"

"Fruit Shock, Prices Up Over 40% Compared to a Year Ago"
Japanese-Style Prolonged Recession May Repeat

The prices of fruits, including apples, have skyrocketed, causing an emergency in food prices. Not only consumers trying to buy fruits but also small business owners running fruit shops in the produce market are sighing deeply. On the 12th, the Garak Agricultural Products Market in Songpa-gu, Seoul, appeared quiet. Photo by Jo Yongjun jun21@

In a situation where fruit prices have nearly doubled in a year, there is an opinion that imported fruits can disperse some demand but cannot serve as an alternative. Amid soaring grocery prices and growing concerns about reduced consumption, warnings have also emerged that a vicious cycle of prolonged Japanese-style economic stagnation could repeat.

On the 20th, Lee In-cheol, director of Chamjoeun Economic Research Institute, said on KBS's "Jeon Jong-cheol's Jeonggyeok Sisa," "If someone who used to eat one apple every morning suddenly starts eating oranges, mangoes, pineapples, or bananas? If this is a one-time event, it’s fine, but the continuity and persistence are quite low," adding, "Imported fruits can disperse some demand but cannot be an alternative."

As prices of domestic fruits such as tangerines (78.1%), apples (71%), pears (61%), and peaches (63%) have surged compared to a year ago, there are talks about urgently importing various fruits like oranges and bananas, but these are not satisfactory alternatives for consumers. Lee said, "This is a fruit shock. The fresh fruit index for February, which shows fruit prices, rose by more than 40% compared to a year ago," adding, "This is the largest increase in 32 years and 5 months since 1991."

He also said that agricultural and livestock products should be approached from the perspective of food security in the mid to long term. He emphasized, "Foreign large-scale corporate farms and Korean farms are not price competitive. We need to compete with high-quality, high value-added, and specialized products," and added, "Policies to maintain an appropriate level of agricultural and livestock products that our people can consume are absolutely necessary." He also added, "It is urgent to improve the current structure where prices nearly double in apple distribution and to develop varieties adapted to climate change."

Regarding concerns that consumption may decrease and negatively affect the economy if prices keep rising while income remains the same, he said, "Prices have outpaced growth for three years now. Last year, the average real monthly wage per worker decreased by 1.1% compared to a year ago when considering inflation," adding, "Consumption will naturally shrink." He warned that if consumption shrinks, companies may avoid investment and hiring, stating, "The scariest thing is that the vicious cycle of prolonged Japanese-style economic stagnation could repeat."

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