Pork, Lettuce, and Spinach Prices Surge Ahead of Holiday Season... Supply and Demand Monitoring Underway

Published 28 Jul.2021 15:16(KST)

On the 28th, amid a heatwave continuing for two weeks causing vegetable prices to soar, a citizen is selecting vegetables at a large supermarket in Seoul. According to the agricultural product distribution information from the Korea Agro-Fisheries & Food Trade Corporation (aT) on that day, prices of leafy vegetables such as lettuce, spinach, and perilla leaves have risen significantly. As of the previous day, the wholesale price of spinach was 39,360 KRW per 4 kg, doubling compared to one year ago (20,520 KRW). Photo by Moon Honam munonam@

[Sejong=Asia Economy Reporter Kim Hyunjung] With the vacation season underway, prices of lettuce, spinach, and perilla leaves have surged sharply in connection with the increased demand for pork and beef. In particular, supply instability is worsening due to delayed growth caused by the heatwave.

According to the Ministry of Agriculture, Food and Rural Affairs on the 28th, the price of green leaf lettuce rose sharply by 76.0% compared to the average year, reaching 41,300 KRW per 4kg in late this month. Prices have jumped significantly compared to March (13,363 KRW), May (15,029 KRW), and June (23,549 KRW). Although prices typically rise every summer due to decreased production, the recent heatwave has caused poor crop conditions, and demand has increased along with pork and beef during the vacation season, resulting in strong price trends.

Spinach, which was priced at 15,457 KRW per 4kg until June, also surged to 44,511 KRW as of the 28th. This is a 92% increase compared to the average year. Additionally, perilla leaves rose by 3% to 18,481 KRW per 100 bundles.

A Ministry of Agriculture official stated, "Currently, leafy vegetables such as lettuce, spinach, and perilla leaves, which are showing high prices, have a short growth period of 30 to 40 days after transplanting, so shipments will continue steadily," but expressed concern that "continued heatwaves and seasonal demand could become variables in the supply situation."

Conversely, green onions, napa cabbage, radish, zucchini, and green chili peppers, which saw price spikes earlier this year, are experiencing price declines. The price of green onions, which soared due to the cold wave at the beginning of the year, dropped to 863 KRW per kg, down 43% from the average year, as spring green onions were shipped in increased quantities. Green onion prices were as high as 3,216 KRW per kg in January this year.

Napa cabbage and radish also fell by 54% and 24%, respectively, compared to the average year, priced at 1,582 KRW per head and 957 KRW each in the second half of July. Napa cabbage, which once exceeded 10,000 KRW per head due to last summer’s prolonged rainy season, has fluctuated due to increased winter napa cabbage production and the cold wave earlier this year. However, prices have continued to weaken since July due to increased spring napa cabbage production and favorable highland crop conditions. Radish, which showed low prices throughout the year due to increased winter radish production until June, is expected to continue its weak price trend as highland radish production is projected to increase.

Furthermore, zucchini prices have plummeted by 54% compared to the average year, recording 7,405 KRW per 20 pieces due to clear and hot weather resulting in good crop conditions. Green chili peppers also showed a 19% lower price than the average year at 31,880 KRW per 10kg due to increased shipments.

The Ministry of Agriculture, Food and Rural Affairs is operating the "Emergency Countermeasures Team for Major Agricultural Product Price Management" to prevent the possibility of poor crop conditions leading to price increases during Chuseok and to manage agricultural and livestock product prices stably. The head of the team is the Director of the Food Industry Policy Office, and they will implement supply stabilization measures to prepare for crop volatility.

In particular, they plan to secure reserve stocks, secure backup seedlings, secure contract shipment volumes, and supply discounted nutrients. Additionally, they will monitor the damage status and supply-demand trends of major vegetables sensitive to summer temperature and rainfall and living costs, share auction information and import volume data by wholesale market with production areas, and encourage timely shipments from production areas.