Seo Yu-jin and his wife in their 30s, who live in Bundang, Gyeonggi Province, went to a mart last weekend to go camping with their two children. After paying the bill, Mr. Seo checked his receipt and was surprised. A pound (600g) of pork belly for a family of four, served with lettuce, sesame leaves, and kimchi, along with a watermelon, snacks, beer, soft drinks, and bottled water, cost well over 200,000 won. He said, “I go on a weekend for two days and one night, and it costs at least 500,000 won, including gas (gas), food, and camping equipment rental.”
Following the torrential rain during the monsoon season, a full-fledged heatwave began, causing an emergency at the ‘food table’. Prices of fresh foods such as chicken, pork and vegetables are rising day by day. The same goes for commodities. Major items in demand during the summer season, such as bottled water, ice cream, and beer, have already recorded double-digit price increases.
Storm forecast… Vegetables and fruits continue to riseAccording to the Korea Agro-Fisheries & Food Trade Corporation ( aT ) on the 3rd, the average wholesale price of 4 kg of red lettuce as of this day was 63,700 won, a 143% increase from a month ago (26,160 won). The prices of spinach (4kg) and water parsley (7.5kg) also jumped 126% and 129%, respectively. Watermelons and melons, seasonal fruits, also rose by 68% and 84%, respectively. A watermelon, which cost about 18,000 won last year, is over 30,000 won this year.
Meat prices are also exorbitant. Last month, according to the Livestock Products Quality Evaluation Institute, the rate of increase in the price of chicken compared to the previous year reached 12% (based on retail price).
The rise in fresh food prices is due to the weather. Since the beginning of this month, continuous heavy rain has caused great damage to crops, such as flooding of facility vegetables grown in plastic greenhouses. In addition, it is interpreted that the price of agricultural products is rising as middle wholesalers are trying to secure supplies ahead of the holiday season and the Chuseok holiday.
Inflation is expected to continue due to record-breaking heatwaves, possible typhoon damage, and remaining factors to increase agricultural product prices, such as the holiday season and the Chuseok holiday. For this reason, it is predicted that the supply and demand of fresh foods such as vegetables will not be smooth until August and September. Last year, as the scorching sun shone after the rainy season, the wholesale price of cabbage (commodity), which was 10,24 won per 10 kg in June, jumped 223 percent to 32,343 won in September.
The Ministry of Strategy and Finance said in a data released after the announcement of consumer price trends last month, “In August and September안전놀이터, there is a possibility of price uncertainty expanding due to seasonal factors such as weather conditions and Chuseok, as well as rising international energy prices.”
The shaved ice industry is also in the ranks of price hikes one after another.Due to the early heat, the prices of some industrial products, such as bottled water, ice cream, and beer, which are in high demand during the summer, are also rising sharply. The price of Lotte Isis 500mL bottled water at convenience stores rose 15 percent from 950 won a year ago to 1,100 won. The factory price of Jeju Samdasoo, which has the largest market share in the bottled water market, also rose by an average of 9.8% for the first time in five years. The supply price of Coca-Cola canned coffee products, ice cream and beverages such as Screw Bar, Melona, and Babamba also rose by 25%. Baskin Robbins plans to raise the price of the 115mL single regular size from 3,500 won to 3,900 won by about 11% from the 4th.
The bingsu industry, which expects a ‘special heat wave’, has also joined the ranks of price hikes. Sulbing, a brand specializing in shaved ice, raised the price of each product by 600 to 1,000 won, an average of 8% from this year.
Bakery Cafe Artisee is raising the price of ‘raw mango bingsu’ to 19,000 won, 3,000 won more than the previous year. Ediya also raised the price of Apple Mango Bingsu by 1,000 won. Major luxury hotels in Seoul also raised their prices one after another, and the signature dessert menu, Apple Mango Bingsu, was formed in the range of
70,000 to 120,000 won. The Four Seasons Hotel in Seoul set the selling price of its representative menu, ‘Jeju Apple Mango Garden Bingsu’ at 126,000 won. It jumped 31.3% from last year (96,000 won). Shilla Hotel Apple Mango Bingsu is also sold at 98,000 won, up 18.1 percent from last year. The Jeju apple mango shaved ice sold at Lotte Hotel’s Peninsula Lounge is 92,000 won, up 4.5 percent from last year. The Westin Chosun Seoul also sells apple mango shaved ice at 78,000 won, up 8.3 percent from last year.
An official from the distribution industry said, “As the unit price of production rises, price adjustments for industrial products are unavoidable.” there is,” he said.