South Korea’s fruit consumption has diminished by almost 20 percent over the past 15 years amid supply shortages and soaring prices. This decline in fruit consumption is attributed to the combination of high prices and limited availability. South Korea’s headline inflation has reaccelerated at a faster-than-expected pace after three consecutive months of easing, supporting the Bank of Korea’s hawkish stance on monetary policy. The central bank has maintained its benchmark interest rate at 3.50 percent since January last year. Tourists visiting South Korea are also experiencing the impact of high prices, particularly when dining out. The government has stated that it will not ease restrictions on the importation of apples and pears, despite a significant increase in fruit prices. Widespread inflation in the country has put a strain on the finances of South Koreans, as wages have failed to keep pace with rising prices. In February, South Korea witnessed a rise in inflation to over 3 percent, driven by elevated prices of fresh food items and energy.

Koreans lose appetite for fruits amid soaring prices

Supply shortages and soaring prices have caused a nearly 20 percent decline in fruit consumption in South Korea over the past 15 years. This decline can be attributed to the combination of limited availability and high prices. The rising prices of fresh food items and energy contributed to the increase in South Korea’s inflation rate to over 3 percent in February. The government has decided not to ease import restrictions on apples and pears, despite a 41.2 percent surge in fruit prices. This decision comes as South Koreans already feel the financial strain of high inflation, with wages not keeping up with rising prices. The Bank of Korea has maintained its benchmark interest rate at 3.50 percent since January last year, and the recent reacceleration of headline inflation supports the central bank’s hawkish stance on monetary policy. Tourists visiting South Korea are also feeling the impact of high prices, particularly when dining out.

• Fruit consumption in South Korea has decreased by almost 20 percent in the past 15 years due to supply shortages and soaring prices
• South Korea’s headline inflation has reaccelerated after three months of easing
• The Bank of Korea has maintained its benchmark interest rate at 3.50 percent since January last year
• Dining out in South Korea has become more expensive due to high prices
• The government has decided not to ease import restrictions on apples and pears, despite a 41.2 percent surge in fruit prices
• Inflation in South Korea has strained the financial situation of its citizens, with wages not keeping up with rising prices
• In February, South Korea experienced an inflation rate of over 3 percent, influenced by elevated prices of fresh food items and energy
• Consumer price growth in South Korea exceeded expectations in February due to supply-side pressures
• In February 2024, South Korea witnessed a historic surge in fruit prices with an inflation rate of 40.6 percent
• South Korea is on guard against inflation and its potential impact on the economy

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Source: Asia News Network