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Food prices in S. Korea continue soaring amid unfavorable weather and inflation at nearly 24-year high Updated: 2022-08-10 10:10:54 KST

Meanwhile the repercussions of the recent record rainfall here in this part of the country look to extend beyond the immediate pain inflicted on people and their property.
Prices of food products are expected to soar even higher.
Our Finance Ministry Correspondent Eum Ji-young explains.

Historic downpours in Seoul and the surrounding areas are adding even more fuel to the country's skyrocketing food prices.
One local greengrocer says the hot and humid weather has made it hard to find good products to sell.

"It's going to get harder to run this shop. There's nothing to sell. Most of what we see is not good quality and is very expensive."


South Korea's inflation hit a new record in July as prices rose at the fastest pace in nearly 24 years.
It was the second month in a row consumer prices have risen on year by more than six percent, which is far higher than the government's target of two percent.
Much of the July increase was driven by a jump in major items on people's grocery lists, like vegetables, which were up nearly 26 percent from a year earlier.
Price of Napa cabbage, used mainly for kimchi, surged by nearly 73 percent, and there was a similar increase for spinach.
The bad weather and high production costs drove fruit prices up too.

"There's not a lot of fruit for us to buy, so of course we have to pay more. It's expensive for consumers, but we have no choice but to raise prices."

Given this backdrop, more people are concerned ahead of the Korean thanksgiving holiday Chuseok, coming up in early September.

"Prices are rising so much, so I'm planning to spend less for Chuseok."


In order to help stabilize people's livelihoods ahead of the Chuseok holiday, the government is going to announce several measures this week.
Eum Ji-young, Arirang News.
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