March Agricultural and Livestock Prices Down 1.2%: "Increased Shipments Due to Improved Weather Conditions"

Agricultural Products Down 5.6%, Livestock Up 6.2%
Rice Rises 15.6%... Double-Digit Growth for 7 Consecutive Months
Producer Rice Prices Turn Downward as of March 25

Last month, the consumer price index for agricultural and livestock products fell by more than 1%. Most items, excluding rice, maintained lower prices compared to the previous year due to increased shipments resulting from improved weather conditions. However, rice prices continued to rise by double digits for the seventh consecutive month.

The Ministry of Agriculture, Food and Rural Affairs announced on April 2 that, according to the March 2026 consumer price index analysis released by the Ministry of Data and Statistics, the overall inflation rate showed an upward trend (up 2.2% year-on-year), while the consumer price index for agricultural and livestock products fell by 1.2%, indicating a stable level.

A customer is purchasing eggs at a large supermarket in Seoul. Photo by Jin-Hyung Kang

For agricultural products, most items except rice saw a 5.6% year-on-year decrease, as their prices remained lower than the previous year due to higher shipments resulting from improved weather conditions. In contrast, rice prices rose by 15.6% year-on-year, maintaining double-digit growth for seven consecutive months since August.

An official from the Ministry of Agriculture, Food and Rural Affairs stated, "To stabilize rice prices, the government has been continuously supplying 100,000 tons of government rice stockpiles since March 13. As a result, the producer rice price as of March 25 dropped to 57,612 won per 20kg (down from 57,706 won on March 15), marking a downward trend. We are conducting joint inspections with local governments and the National Agricultural Products Quality Management Service to ensure smooth distribution of government rice in the market, and we plan to further stabilize rice prices by encouraging rapid market supply through inspections at Rice Processing Complexes (RPCs)."

For items such as onions, carrots, and cabbage, which are currently at low prices, the government is implementing supply stabilization measures. These include supporting staggered shipments to adjust shipping schedules, as well as running discount programs and consumption promotion events in parallel.

Livestock product prices rose by 6.2% year-on-year, due to a decrease in the number of animals raised and the spread of animal diseases. Korean beef prices have been rising as the number of cattle raised and the supply available for slaughter declined after farmers reduced stocking during the low-price period from 2023 to 2024. In addition, imported beef prices are also expected to remain high for the time being due to decreased production in exporting countries like the United States and exchange rate fluctuations.

Pork prices were relatively high last month as the number of pigs slaughtered decreased due to delayed shipments following recent outbreaks of African Swine Fever (ASF). However, the Ministry of Agriculture, Food and Rural Affairs forecasts that pork prices will remain relatively stable, as the daily slaughter volume has increased since March with the easing of ASF outbreaks and lifting of movement restrictions. Chicken and egg prices are being maintained at relatively high levels, as the scale of culling has expanded and movement restrictions continued due to outbreaks of highly pathogenic avian influenza (AI).

To expand the supply of chicken and eggs, the ministry is importing 3.56 million fresh eggs and 8 million broiler hatching eggs, in addition to extending the production period for breeder chickens as part of its stabilization measures. The government also plans to continue discount events for eggs (a discount of 1,000 won per pack of 30 eggs) using the government budget and add further discount events for chicken (up to 40%), in order to ease the burden on consumers.

Food and dining out prices rose by 1.6% and 2.8% year-on-year, respectively. However, despite upward price pressures on processed foods due to instability in the Middle East and a strong exchange rate, further price increases have been limited by lower raw material prices for items such as sugar and flour, as well as food companies participating in price reductions, according to the ministry's analysis.

Park Junghoon, policy chief at the Ministry of Agriculture, Food and Rural Affairs, stated, "We will closely monitor risk factors such as rising international oil prices and strengthen management to ensure that the public's inflation burden does not rise significantly."

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