Heavy rain deepens concerns over rising prices of vegetables, fruits

[Photo by Yonhap]

The continued heavy rainfall across South Korea has reignited concerns about soaring prices of agricultural products as many farms are flooded, leaving vegetables and fruits damaged.

According to data from the Korea Agro-Fisheries Trade Corp. on Monday, the wholesale price of spinach soared 219 percent to 54,780 won ($43.3) per 4 kilograms that day from 17,170 won a month ago.

The wholesale price of red leaf lettuce also jumped 194.9 percent to 57,040 won per 4 kilogram while that of cucumber 53.4 percent to 62,325 won for 100 pieces.

Experts say that the recent severe rain has added fuel to the rising prices of agricultural products due to the sultry weather.

According to the Ministry of Agriculture, Food and Rural Affairs, 27,094 hectares of farmland have been affected by flooding and landslides over the past week.

Also, 19.3 hectares of livestock barns and greenhouses were reported to have been damaged. About 579,000 livestock have been killed, including 533,000 chickens.

The Korea Agro-Fisheries Trade projects that agricultural product prices will continue to rise throughout the rainy season, although some experts note that the impact on the overall consumer price index will be limited given that the weight of agricultural products in the overall price index stood at 43.8 out of 1,000 as of June.

The government remains vigilant, however, as the soaring prices may lift the overall inflation rate that fell under 3 percent for the first time in 21 months in June.