South Korea food prices surge amid extreme heatwave

Extreme heat in South Korea is driving a phenomenon known as ‘heatflation,’ causing sharp increases in food prices and significant losses in the agricultural and fisheries sectors. According to data from the Korea Agro-Fisheries & Food Trade Corporation, the retail price of spinach (100g) surged by 152.3% over a one-month period. Other vegetables also saw substantial hikes, with cucumbers increasing by 54.8% and green lettuce by 41.7%.

The heatwave has severely impacted livestock and aquaculture. The Ministry of Agriculture reported that approximately 901,602 animals have died due to the heat, with poultry such as chickens and ducks accounting for about 95% of these losses. Additionally, rising sea temperatures have led to the death of over 864,497 fish in aquaculture farms. This has pushed up seafood prices, including a 2.29% weekly increase in the auction price of flounder.

Market vendors at major hubs like Garak and Yeongdeungpo markets report a triple burden of rising costs, declining customer footfall, and high rates of product spoilage. To combat rising food inflation, the South Korean government is implementing measures such as increasing broiler chicken imports and launching promotional campaigns for fish products at discount stores.