As prices of foods that often appear on the table soar, the retail industry is busy drawing up measures to minimize supply instability. Overall output has fallen due to climate change, and prices of imports that had replaced domestic products have also surged because of a stronger exchange rate (a weaker won).
According to the industry on the 9th, Emart sold amberjack sashimi (360g) for 24,900 won (a 50% discount applied when paying with Shinsegae Points and an event card) from the 5th to the 7th. That is 17% cheaper than last winter's price (360g, 29,960 won).
As amberjack prices have jumped recently, Emart said it curbed the increase as much as possible through preemptive investment and diversifying sources. It secured juvenile amberjack a year in advance and sourced volumes across multiple farms in Geoje and Tongyeong. Integrated purchasing with Traders and others also helped hold down prices.
An Emart official said, "When we combine the three channels—Emart, Traders and Everyday—for purchasing, the absolute volume increases and the price comes down," adding, "This is a strategy we often use for fresh foods with high price volatility, not only amberjack but also beef."
This year's abnormal climate, including high sea temperatures and red tides, delayed amberjack growth, pushing market prices up about 30% from last year. According to the "Weekly Seafood Trends" from the Norangjin Fisheries Wholesale Market of the National Federation of Fisheries Cooperatives, amberjack traded at an average 23,406 won per kilogram at auction last month. That was up about 25% from the same period last year (18,767 won).
Mackerel, called the national fish, has been replaced with different species as prices spiked amid supply instability. GS Shop released a product substituting mackerel with rockfish, and Lotte Mart expanded its mackerel stockpile to run discount promotions while pitching Spanish mackerel—highly versatile for grilling and braising like mackerel—as a substitute.
Norwegian mackerel, which had replaced pricier domestic mackerel as catches fell, also saw prices surge due to higher sea temperatures, local catch limits and a strong exchange rate. According to the Fisheries Outlook Center at the Korea Maritime Institute (KMI), last month's retail price for fresh-chilled mackerel was 12,077 won per kilogram, up 3.1% from a year earlier and 11.3% above the five-year average.
Franchise sectors such as hamburgers and sandwiches offered substitute vegetables or halted supply altogether due to disruptions in lettuce, a key ingredient. Lotteria is mixing lettuce and cabbage in its burgers, and Subway temporarily suspended sales of salads that require lettuce.
While conditions have stabilized compared with last month, lettuce prices remain high versus last year or the average year. According to the wholesale distribution information system of the Korea Agro-Fisheries & Food Trade Corporation (aT), as of early December, the price of high-grade lettuce at wholesale markets nationwide was 4,735 won per kilogram, 25% higher than a year earlier and 103% above the average year.
Food prices have risen nearly 30% in five years. According to the Korean Statistical Information Service (KOSIS) of the National Data Office, last month's food price index was 127.1 (2020=100), up 27.1% from five years ago. That outpaced increases in both the overall consumer price index (17.2%) and the livelihood price index (20.4%) over the same period.