Vegetable prices already soaring after heavy rains

이호정 입력 2022. 8. 12. 17:03
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Based on reports by the Korea Agro-Fisheries & Food Trade Corporation, the wholesale price on 20 kilograms of radish on Thursday was 29,000 won ($22). That's a 36.8 percent increase from a week ago.
A pumpkin farm in Cheongju, North Chungcheong, clears out mud from the recent rainfall on Friday. [YONHAP]

Prices of agricultural goods are already surging due to damage inflicted on farms by torrential rain that hit the country.

Based on reports by the Korea Agro-Fisheries & Food Trade Corporation, the wholesale price on 20 kilograms of radish on Thursday was 29,000 won ($22). That’s a 36.8 percent increase from a week ago.

The wholesale price of squash rose 51.2 percent, cucumber 47.1 percent, green onion 20.2 percent, cabbage 11.2 percent and potato 4.1 percent.

Due to the record-breaking rain, some 880 hectares of farmland was flooded or damaged by landslides. The government estimated that over 86,550 livestock were killed.

And that number could continue to rise.

“The government will be taking preemptive steps including assessing and restoring farms that are vulnerable,” said Vice Finance Minister Bang Ki-sun during a vice minister economic meeting held Friday.

He added that other government steps will include pest control.

The government team will create a team consisting of representatives from the Ministry of Agriculture, Food and Rural Affairs, Rural Development Administration, Korea Rural Economic Institute as well as the farm cooperative Nonghyup and local governments to come up with measures to help those impacted.

While Seoul and surrounding Gyeonggi were hit hard by the flooding, Gangwon and Chungcheong were also affected.

The major produce grown in these regions includes Napa cabbage, radish, potato as well as apples and pears.

Earlier this year the key factor that was driving up consumer prices was the global energy price. However, in recent months, food prices have been rising rapidly.

Last month vegetable prices were up 25.9 percent on year, the sharpest year-on-year hike since 31.8 percent in September 2020. Napa cabbage prices surged 72.7 percent, cucumber 73 percent, lettuce 63 percent and green onion 48.5 percent.

Consumer prices for this month could further rise from 6 percent in the last two months to 7 percent year-on-year due to the impact of the heavy rain.

Finance Minister Choo Kyung-ho noted that while economic growth is mildly improving compared to other countries largely thanks to an increase in consumer spending, he stressed that the government's focus, for the time being, will be on stabilizing consumer prices.

“We plan to strictly manage the supply of major agricultural goods to minimize the influence on consumer prices,” Choo told reporters on Thursday.

On the possibility of consumer prices rising around 5 percent, which is higher than the 4.7 percent projected by the government in June, Choo said the situation has to be closely monitored for the next couple of months.

“We expect consumer price growth to slow after the Chuseok holidays,” Choo said. “It could gradually start falling after peaking in September or no later than in October.”

The government on Thursday announced it would issue 65 billion-won worth of discount coupons and release stockpiles to keep prices low in response to the heavy rain.

BY LEE HO-JEONG [lee.hojeong@joongang.co.kr]

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