Cabbage prices soar 70% amid heat wave

(123rf)

Vegetable prices in South Korea have surged amid an unprecedented heat wave that has gripped the country for weeks, with the price of napa cabbage rising nearly 70 percent compared to last year.

The price of a head of cabbage, the main ingredient for kimchi, retailed at 9,337 won ($7.02) on Thursday, according to the Korea Agro-Fisheries & Food Trade Corp. This marks a 69.5 percent jump compared to the same time last year and a 32.7 percent increase over the three-year average price.

Continued hot weather and drought have caused a shortage of high-quality produce, pushing up the average price of agricultural products. This phenomenon has been dubbed "heatflation," a portmanteau of heat and inflation.

The recent spike in cabbage prices follows the government's conclusion of its discount program for purchasing major agricultural and fish products during the recent Chuseok holiday.

During the promotional period from Aug. 29 to Sept. 18, cabbage prices rose to 7,000 won per head on Sept. 6 and jumped to the 8,000-won range by Sept. 13 due to increased demand.

Other vegetables are also experiencing soaring prices due to extreme weather conditions. As of Thursday, the retail price of a single radish stood at 3,826 won, up 65.4 percent from last year and a 38.8 percent increase over the average.

Spinach, a crop that thrives in cooler temperatures, retailed at 3,728 won per 100 grams, reflecting a 48.5 percent increase from last year and more than double the average price.

Red leaf lettuce was priced at 2,122 won for 100 grams, up 22.6 percent from last year and 25.4 percent above the average.

Cucumbers are priced at 13,540 won for 10 pieces, up 17.1 percent from last year, while Cheongyang chili peppers are selling at 1,829 won per 100 grams, marking an 18.8 percent year-on-year increase.

By Ahn Sung-mi(sahn@heraldcorp.com)