View of Seoul from the observation deck of Namsan Park. File photoSEUL, Apr 4South Korea recorded more than a 30% jump in prices for imported agricultural, livestock and fish products in a year, leading to an overall increase in consumer prices in the country amid a return to normal global demand, data from the Korea Institute for the Promotion of Trade Statistics showed.According to the research institute, the index of import prices for agricultural, livestock and fish products in February reached 112.6, which is 31.7% more than a year earlier. The index is calculated on the basis of the axiom that in 2015 prices were at the level of 100. As a result, year-on-year prices for imported agricultural products have been rising for the third month in a row. 33.5% in December, 31.5% in January, and 33.3% in February compared to the same period last year. 68.1%, wheat for milling — by 58.4%, fodder corn — 52.4%, and corn for processing — 42.3%. It is noted that the prices of wheat and corn directly affect consumer prices in general, since these crops are used as raw materials for various food products. Compared to February 2021, prices for fruits and a number of vegetables also increased. Prices for imported beef rose by 47-53%, chicken — by 47.5%, and pork — by 6.4%. Prices for fish products increased by 13.5%, for live fish — by 38.6%, for fresh fish — by 30%, and for frozen fish — by 8.8%.
South Korean politician proposes freezing gas and electricity pricesAccording to the newspaper, the overall price increase over the past year is mainly due to a sharp increase in global demand as the economy normalizes amid the pandemic. At the same time, according to expectations, in March, prices showed even greater growth against the background of the crisis in Ukraine. In particular, salmon has risen in price, depending on the place of sale, the price jump has recently been approximately from 15% to 26%. The ban on flights over Russian airspace is forcing carriers of Norwegian-farmed salmon to make a big detour to ship it to Asia. This leads to higher transport costs and, ultimately, higher retail prices. Another long-term factor in high import prices is the weakening of the won against the US dollar. The dollar, which traded at 1,101.4 won on February 15, 2021, rose to 1,199.8 won on February 15, 2022. Since February 24, the dollar has continued to stay above 1,200 won.
