SEJONG, Jan. 30 (Korea Bizwire) — South Korea saw sharp price increases in food items last year, with fruits and vegetables making up the majority of the top 10 most inflation-affected goods, according to data from Statistics Korea.
Among 458 consumer price index items, Asian pears recorded the steepest price hike, soaring 71.9% in 2024 due to low stock levels from 2023 combined with extreme weather events, including heavy rain and heatwaves, which reduced supply.
Tangerines followed with a 46.2% increase, as poor harvests in the latter half of the year and rising demand for alternative fruits drove up prices. Persimmons (36.6%) and apples (30.2%) also saw significant price jumps, similarly impacted by climate-related disruptions.
Other food items that experienced major price hikes included cabbage (25.0%), radishes (24.5%), dried seaweed (21.8%), tomatoes (21.0%), and carrots (20.9%), making food inflation a dominant concern for consumers.
The only non-food item in the top 10 was computer repair costs, which rose 30.1%, driven by higher electronic component prices and increased labor costs.
Items That Saw Price Drops
While food inflation surged, some products experienced price declines. Electric rice cookers recorded the largest price drop, down 10.6%, as retailers engaged in discount promotions.
Mango prices fell by 10.4% due to an increase in imports under a tariff exemption program, while ginger (-9.2%), potatoes (-8.5%), and oysters (-7.9%) saw price declines attributed to higher production levels.
The data underscores the impact of extreme weather conditions and supply chain fluctuations on food prices in South Korea, with inflationary pressures continuing to shape consumer spending habits in 2025.
Ashley Song (ashley@koreabizwire.com)