Ahead of the Lunar New Year holiday, the prices of some agricultural products, including napa cabbage and radishes, have surged by nearly double. The government plans to announce price management measures this week to stabilize agricultural product prices and supports discount events. According to the Korea Agro-Fisheries & Food Trade Corporation (aT), the average retail price of napa cabbage was recorded at 5,027 won as of 3rd.
This represents an increase of 58.9% compared to a year ago and is 33.9% higher than the average year. The average price for an average year is the three-year average price excluding the maximum and minimum prices from 2020 to last year. Radishes also recorded a price of 3,206 won each, 77.4% higher than a year ago, and 52.7% higher than the average year.
The production of napa cabbage and radishes was poor due to last summer's heat wave and prolonged warm weather until Chuseok. In addition, frequent rainfall in the winter radish production area of Jeju reduced shipment volumes. Experts evaluated that early shipments of napa cabbage and radishes were made last year for the stabilization of prices during the kimjang (making kimchi) season, which contributed to the rise in prices. The price of pears also showed a strong trend, with the average retail price for 10 pears (Shingo) recorded at 41,955 won, 24.6% more than a year ago and 23.5% higher than the average year. Meanwhile, the average retail price for 10 apples (Fuji) declined by 10.2% compared to a year ago to 26,257 won, but remains 3.1% higher than the average year. Other seasonal products for the Lunar New Year, such as onions and potatoes, have decreased by 11.7% and 14.6%, respectively, compared to a year ago, while the price of peeled garlic remained similar to last year's levels. Strawberries also maintained a high price of 2,542 won for 100 grams, which is 10.4% more than last year and 25.4% higher than the average year. Additionally, as of the survey on Feb. 2 by the Livestock Products Quality Assessment Institute, the retail price of grade 1 beef sirloin was 9,512 won for 100 grams, similar to last year's price (9,461 won). The retail price of pork belly increased by 8.5% to 2,649 won. The government plans to announce price management measures as early as this week and intends to increase the supply of seasonal products such as apples and beef to the highest level ever during this year's Lunar New Year season, supporting discount events on a larger scale.