Apples 71%, mandarin oranges 78%... Fruit prices skyrocketing, consumer prices in February rising again to 3% level = South Korean report

The consumer price inflation rate in February hit the 3% level again for the first time in two months. The price of fruit soared by more than 40%, pushing up prices. The Korean government has issued discount support and tax benefits related to agricultural, livestock and fishery products.
The government has decided to take effective measures, such as requesting the food industry to adjust prices. However, it is considered difficult to immediately lead to a perceptible decline in prices.
According to the "February 2024 Consumer Price Trends" released by the Korea Statistics Authority on the 6th, the consumer price index in February was 113.77 (value based on 2020 as 100).
, up 3.1% from a year ago. The price increase rate, which was above 3% from August to December 2023, had fallen to 2.8% in January of this year, but it has returned to the 3% level for the first time in two months.
In particular, soaring fruit prices pushed up the overall price index. The fresh food index for February was influenced by the fact that fresh fruit increased by 41.2%, the first increase in 32 years and 5 months since September 1991 (43.9%).
It increased by 20.9%. Apples and pears, which have been facing supply-demand issues since 2023, have increased in price by 71.0% and 61.1%, respectively. In the case of mandarin oranges that are currently in season, there will be a decrease in shipment volume and an increase in demand for substitutes.
Together with Canada, the price has soared by 78.1%. The decline in oil prices, which have a large weight when calculating prices, has been reduced to 1.5% since February (minus 5%) due to the rise in international crude oil prices.
Stopped. In response to increasing price anxiety, the government is also taking urgent measures. First of all, by next month, we will raise 60 billion won (approximately 6.7 billion yen) to support discounts on agricultural, livestock and fishery products, the largest level in history.
). The company directly imports orange bananas and nana through the Korea Agricultural and Fisheries Food Distribution Corporation (aT) and supplies them to the market at low prices. Also allocated to mandarin, durian, and pineapple juice.
decided to apply additional tariffs. Vice Prime Minister Choi Sang-mok said at the price-related ministerial meeting held on the same day, ``We take the recent price situation seriously and hope that the inflation rate will settle down to the 2% level.''
"We will do our best," he said, adding, "The government will provide direct support for agricultural, livestock, and fishery products whose prices continue to rise." However, in the case of fruits that are shipped on a one-year cycle, there is a sudden increase in production due to poor crop conditions.
There is currently no way to solve the fundamental problem of ``reducing the number of domestic workers.'' Joo Won, director of the Economics Research Institute at the Institute of Modern Economics, said, ``There are no substitutes for domestically produced fruits such as apples,'' adding, ``The government's measures are
Since the main focus is on fruits and vegetables, we don't think we can expect a major effect."