Food price rise… Import prices of agricultural, livestock and fishery products increased by 30% for 3 months

February 31.7%↑… Processed food raw material wheat and corn 45-58%↑

The increase in March is likely to increase due to the Ukraine crisis… A weak won also affects import prices

Food price rise… Import prices of agricultural, livestock and fishery products increased by 30% for 3 months

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(Sejong = Yonhap News) Reporter Dahye Kim = In February, the import price index for livestock and fishery products also rose by more than 30% from a year ago.

The increase in the import price of agricultural, livestock and fishery products is expected to increase the producer price and consumer price in turn, putting a burden on the livelihood of the common people.

According to the Korea Trade Statistics Agency on the 4th, the import price index for livestock and fishery products in February was 112.6 (2015 = 100), up 31.7% from the same month last year.

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After December of last year (33.5%) and January of this year (31.5%), it showed an increase of more than 30% for the third month.

The rate of increase from the previous month was 0.8%, down from last December (7.9%) and January this year (1.6%).

By sector, the import price index for agricultural products rose 33.3% from a year earlier.

Cereals rose 42.3%, led by green beans (68.1%), wheat for milling (58.4%), corn for feed (52.4%), and corn for processing (45.2%).

Since wheat and corn are widely used as raw materials for processed foods, consumers have a high sensitivity when prices rise.

As for vegetables, all nine items rose, including onions (57.3%), garlic (52.3%), radishes (270.6%), and carrots (61.8%).

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Fruits also rose in all six categories: pineapple (20.7%), grapes (19.1%), and lemon (13.6%).

The livestock product import price index also rose 36.7% from a year ago.

Frozen beef rose 53.3% and chilled beef 47.7%. The import price index for chicken and pork also rose 47.5% and 6.4%, respectively, from a year ago.

The seafood import price index rose 13.5%. Live fish rose 38.6%, fresh fish 30.0%, and frozen fish 8.8%.

Global supply chain disruptions, increased demand in the course of the COVID-19 recovery, and geopolitical risks are pushing up the price of food all over the world.

As international grain prices have soared since the end of February due to Russia’s invasion of Ukraine, it is highly likely that import prices rose more steeply in March.

For Korea, the weakness of the won against the dollar is also a factor contributing to the rise in import prices.

In February, the import price index for livestock and fishery products rose 31.7% in won compared to the same month last year, but the rate of increase in dollar terms was 22.0%, which was lower than this.

This means that the import price borne by domestic consumers has risen even more due to the strengthening of the dollar and the weakening of the won.

The won/dollar exchange rate was 1,101.40 won per dollar on February 15 last year, but on February 15 of this year, it was 1,199.80 won per dollar, which rose by nearly 100 won. Since February 24, it has risen to 1,200 won.

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