South Korea's government is perplexed by ”climate flation”... ”Mid- to long-term measures such as developing new varieties are necessary”

"Climate flation," which impedes agricultural productivity and raises prices, is becoming a reality. The Korean government has recognized the seriousness of the situation and has put in place various measures, but the effects that can be felt on the ground are
Not only is it difficult to predict extreme weather, but it is also not easy to prepare for the economic impact that comes with it.
In a recently published report titled "The Impact of Climate Change on Domestic Inflation," the Bank of Korea said that rising temperatures will increase inflation, especially in agricultural product prices.
According to the report, when a temporary temperature rise of 1°C occurs, such as a heatwave, the rate of increase in agricultural product prices will be 0.4 to 0.5 percentage points higher, and the impact will last for about six months.
This was also observed during cold spells and other abnormally low temperatures in winter. Hong Jeong-Ho, professor of economics at Seoul National University's Graduate School of Environment, said, "We have been researching the international agricultural product price index for the past five years, and
"If we look at it from a national perspective, now is the highest level, excluding the period of the Russia-Ukraine war in 2022," the experts said. Since food, including agricultural products, is directly linked to security issues, the government needs to take medium- to long-term measures.
They agreed that a food crisis caused by the climate crisis is a serious problem for South Korea, which is in the top 10 food importing countries in the world and has a grain self-sufficiency rate of only 20 percent.
Professor Lim Jeong-bin of the School of Economics and Sociology said, "Food is different from other industrial products in that it is essential for survival, and consumption cannot be delayed. The food issue is a security issue, and
"We need to devote policy attention and all-round efforts to creating strategies and practical plans to ensure a stable food supply," he said.