Vegetable costs in S. Korea surge, adding pressure to grocery bills

[Photo by Han Joo-hyung]

As fruit prices continue to skyrocket in South Korea, the burden on grocery bills is further exacerbated by a significant surge in vegetable prices.

According to KOSIS data on Thursday, the vegetable price index among agricultural products in February increased by 12.2 percent compared to the same month last year. This marks the highest level in 11 months, surpassing the rate seen in March of last year when the tally was 13.8 percent.

Vegetable prices, which recorded negative rates in July (-4.5 percent), August (-0.4 percent), and September (-5.0 percent) of the previous year, shifted to an upward trend starting from October (5.9 percent). In the winter months, vegetable prices soared by double-digit percentages, reaching 10.3 percent in November and 11.9 percent in December of last year. January witnessed an 8.8 percent increase compared to the same month the previous year.

“Unlike fruits produced on an annual basis, vegetables have a shorter growth cycle, and due to bad weather conditions, the supply of vegetables such as green onions and tomatoes has decreased,” said a spokesperson from Statistics Korea.

Examining specific vegetables, the price surge was particularly pronounced for green onions (50.1 percent) and tomatoes (56.3 percent). The price increase for green onions has been on a continuous upward trajectory since October of last year (24.7 percent), reaching 39.7 percent in November, 45.6 percent in December, and soaring to 60.8 percent in January of this year.

The reduction in green onion supply, attributed to winter snowfall in major production areas such as Sinan, Jeonnam, likely influenced this surge.

Cabbage prices also increased by 21.0 percent compared to a year ago, recording double-digit percentage growth for the third consecutive month following December (18.1 percent) and January (22.7 percent). Other vegetables, such as spinach (33.9 percent), eggplants (27.7 percent), and pumpkins (21.9 percent), also saw increases of over 20 percent.

On the other hand, certain vegetables experienced a decrease in prices compared to the same month last year, including carrots (-15.7 percent), garlic (-12.5 percent), radishes (-7.1 percent), and onions (-7.0 percent).

Overall, agricultural product prices in February rose by 20.9 percent compared to the same month last year, marking the highest increase since January 2011 when prices surged by 24.0 percent. While fruit prices played a significant role in this spike, vegetable prices (12.2 percent) and grains (7.9 percent) also contributed to the overall agflation.