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South Korea: Food prices set to increase after Chuseok festival

Food prices are set to go up more after the Chuseok holidays, as companies are moving to reflect soaring prices of imported raw materials. The won's continued weakness against the dollar, as well as typhoon Hinnamnor and other troublesome weather conditions in recent weeks have made a range of agricultural products more expensive.

According to the Korea Rural Economic Institute (KREI), the domestic supply of vegetables like green chili peppers, cucumber peppers and bell peppers have decreased this month, year-on-year. The KREI predicts the wholesale price of green peppers coming from Cheongyang, South Chungcheong Province, to increase 89 percent from 25,400 won ($18.37) per 10 kilograms in September 2021 to 48,000 won this month. The prices of cucumber peppers and red bell peppers are expected to rise 10.2 percent per 10 kilograms and 46.5 percent per 5 kilograms, respectively, in the same period.

[ 100 won = € 0,072 ]



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