Everything's not peachy with skyrocketing fruit prices in Feburary

Fruit prices soared 37.5 percentage points more than headline inflation on year, the largest ever, on the back of poor harvests due to abnormal weather.

A customer picks an apple in a supermarket in Seoul on March 10. [YONHAP]

Fruit prices compared to overall consumer prices jumped at the fastest pace last month in almost four decades as abnormal weather conditions slashed harvests.

The prices of fruit in February jumped 40.6 percent from last year, 37.5 percentage points higher than 3.1 percent on-year headline inflation in the same month, showed Statistics Korea on Tuesday.

That gap was the largest since data on fruit prices started to be compiled in January 1985. The last time the difference was this large was in May 1991 at 37.2 percentage points.

The steepest price growth in more than three decades last month came on the back of abnormal weather conditions, including cold weather in spring, heavy rainfall in summer and anthrax in fruits before the harvest season.

The prices of apples soared 71 percent last month while that of pears advanced 61.1 percent. The prices of peaches, persimmons and tangerines climbed 63.2 percent, 55.9 percent and 78.1 percent, respectively. Watermelon and strawberry prices each rose 51.4 percent and 23.3 percent, and that of cherries also accelerated 28 percent.

The February increase was the sharpest for fruit prices since the 43.7 percent reached in September 1991.

Strong price growth for fruits is projected to continue throughout the first half of the year as the government remains opposed to easing import regulations for apples and pears, citing concerns about the spread of pests. The government stressed that there are no plans to relax import regulations for apples and pears, adding that such a move would not immediately address the high price.

The Ministry of Agriculture, Food and Rural Affairs said it will inject an additional 43.4 billion won ($33.1 million) through next month to curb fruit prices after it spent 69 billion won during the new year holiday in February. The subsidy will be spent on reducing the shipment price. The government will also encourage retailers to provide discounts on fruits.

BY JIN MIN-JI [jin.minji@joongang.co.kr]