Consumer prices in June rose 3.2% from a year earlier, the highest increase in 30 months, with prices of agricultural, livestock, and fishery products widening their month-over-month gains and pushing inflation higher. Price increases expanded for items that frequently appear on the table, such as scallions, yellow croaker, and rice, and more items rose more than 10% from a year earlier.
An analysis of item-by-item consumer price indexes released on the 2nd by the Ministry of Data and Statistics (MODS) found that 12 of the 78 items (15.3%) tracked in the agricultural, livestock, and fishery category rose more than 10% from the same period a year earlier. The number of items up more than 10% was seven in February–March, six in April, and then increased to 10 in May, continuing an upward trend. Twenty-two items rose 5% or more.
Items up by double digits included scallions (37.1%), mangoes (30.3%), ginseng (24.7%), yellow croaker and paprika (12%), rice (11.7%), kiwifruit (11.6%), lettuce and watermelon (10.9%), eggs (10.3%), flowering plants (10.2%), and hairtail (10.0%), totaling 12. Items up 5% to less than 10% included oranges (9.9%), grapes (9.4%), ginger (8.3%), octopus and sweet potatoes (each 8.2%), domestic beef (7.5%), blueberries (7.3%), barley rice (7.0%), and imported beef (6.8%).
By item, many price increases were influenced by domestic production conditions, while some rose due to changes in overseas supply conditions. Scallions, which rose the most, were affected by reduced cultivation area and delayed growth, and rice prices at production areas remained high. Eggs continued to face supply shortages due to highly pathogenic avian influenza (AI). Lettuce and watermelon were affected by temporary poor harvests.
Mangoes, which rely on imports, saw overall import prices rise as volumes fell due to poor harvests in exporting countries such as Thailand. Imported beef rose 6.8% from a year earlier as a strong exchange rate took effect and the number of cattle raised for beef in the United States generally declined, reducing supply.
Meanwhile, on the 26th, the government announced a joint plan by related ministries titled "Measures to stabilize prices of essential goods and reduce burdens on low-income households," moving to manage key living costs. The Ministry of Agriculture, Food and Rural Affairs also on the 1st announced measures to stabilize food prices and farm management, including expanding egg supplies and offering 300 billion won in discounts.