A recent analysis by the Ministry of Agriculture, Food and Rural Affairs in South Korea highlights a significant escalation in fruit prices, attributing the surge to the adverse impacts of climate change. In March, apples were identified as the fruit experiencing the most pronounced year-on-year price increase, recording an 88.2 percent hike, the highest since 1980.
Similarly, pears and tangerines witnessed unprecedented price rises of 87.8 percent and 68.4 percent respectively, contributing to an overall 40.3 percent increase in the cost of 18 popular fruits. This phenomenon has further influenced agricultural product prices, which rose by 20.5 percent year-on-year in March, impacting the overall inflation rate, which steadied at 3.1 percent.
Yoon Tae-myung, a horticulture professor, attributes these trends to the deteriorating weather conditions affecting crops native to the Korean Peninsula, notably in North Gyeongsang Province, a leading apple production area. The Rural Development Administration forecasts a reduction in apple farm sizes by 8.57 percent, noting the amount of apples produced will decrease to 485,000 tons from 502,000 tons over the cited period. These developments underscore the broader economic implications of climate change on agriculture and inflation.
Source: koreatimes.co.kr
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