Data released Thursday by the Korea Agro-Fisheries & Food Trade Corp. revealed that retail prices for tangerines have surged 18 percent year-on-year to 4,265 won ($2.94) per 10 pieces. Strawberries, likewise, have seen a 14 percent increase to 2,532 won per 100 grams. These prices represent a 47 percent and 24 percent jump, respectively, over their three-year averages.
The price surge is directly linked to extensive crop damage. High temperatures and frequent rainfall in October caused tangerines to develop split skins and increased pest problems. Strawberry harvests have been delayed due to postponed planting schedules, leading to slower recovery in output.
“Tangerines and strawberries are maintaining relatively high prices due to poor crop conditions caused by this year’s exceptionally long heat wave,” an agriculture ministry official said.
The Korea Rural Economic Institute forecasts an 8.6 percent decrease in tangerine supplies this month compared to the previous year. In response, Jeju Island authorities have eased color grading standards to increase market distribution.
The wave of price increases isn’t confined to fresh produce. Major food manufacturers, including Haitai Confectionery & Foods Co. and Orion, have announced price hikes of up to 10 percent on processed food products starting next month.
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