Fruit prices on the rise due to poor harvest in 2023

Apples are displayed at a mart in Seoul, on Sep. 3. [Photo by Yonhap]

Fruits such as apples, grapes, and peaches will become more expensive in September compared to the same month of the previous year, according to a recent forecast.

The forecast added that for apples, a sought-after fruit for Chuseok rituals, the wholesale price would increase by over twofold in September compared with the same month last year due to decreased production and heightened demand ahead of the fall harvest celebration holiday.

The Korea Rural Economic Institute (KREI) said in its latest report published Wednesday that the wholesale price for apples this month is expected to range between 70,000 and 74,000 won ($55.56) per 10 kilograms, marking a substantial increase of 146.5 to 160.6 percent compared to the rate of 28,400 won during the same month last year.

The report also projected that the wholesale price for pears this month is expected to rise by up to 67.7 percent on year, reaching between 51,000 and 55,000 won per 15 kilograms.

The wholesale price for grapes will also increase in September.

While prices of shine muscat grapes are expected to rise by 3.6 to 24.4 percent to a range of 20,000 to 24,000 won per 2 kilograms, those of Kyoho grapes will likely increase by 9.8 to 34.1 percent, with prices ranging from 18,000 to 22,000 won per 2 kilograms.

The wholesale price of Campbell early grapes is projected to surge by 31.6 to 57.9 percent to a range of 20,000 to 24,000 won per 3 kilograms.

Peaches are also forecasted to see a price increase of 40.7 to 60.8 percent, hitting a range of 28,000 to 32,000 won per 4 kilograms.

The price increases are due to falling production this year, as severe weather, including low-temperature damage in the spring and severe rainfall during the summer, hurt local fruit farms.

According to the report, apple production for 2023 is expected to decrease by 21 percent compared to the previous year, while pear production is anticipated to drop by 20 percent.