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.
Read more at Korea Biz Wire