Food costs also soar; rice prices soar to 60,000 won for 20 kg, the highest price in two years in South Korea

In South Korea, the retail price of rice, a staple food, has soared to over 60,000 won (about 6,400 yen) per 20 kilograms for the first time in two years. The retail price per bag (80 kilograms) is 24
According to the Korea Agro-Fisheries and Food Trade Corporation on the 23rd, the average retail price of rice on that day was calculated to be 60,151 won per 20 kilograms.
This is the first time in about two years since October 20, 2023 that the price has exceeded the won. The current price is 14.4% higher than a year ago and 15.8% higher than the average.
The upward trend has continued, from an average monthly rate of 54,000 won in April this year to the 56,000 won range in May and the 58,000 won range last month.
The increase in retail prices is due to rising prices at the production site. According to a survey by the Korea National Statistical Office, the price of rice at the production site is
It has been steadily increasing from 46,000 won in January this year, and reached 50,420 won on the 15th of last month, surpassing the 50,000 won mark for the first time this year.
The price of rice in producing areas has risen to 55 won. Rice prices in producing areas usually tend to rise in the off-season (July to September) leading up to the harvest season (October to December).
The Ministry of Agriculture, Food and Rural Affairs has set a target of 200,000 won per 80 kilogram bag for rice harvesting last year.
The government has also decided to purchase 200,000 tons of new rice to raise the rice price to 4.3 trillion won.