Seoul, South Korea – The cost of staple seafood items like mackerel, squid, and hairtail has surged in South Korea, placing a strain on household budgets. This price hike is attributed to a significant drop in production last month, according to the Korea Maritime Institute’s Fisheries Observation Center.
The center’s data reveals a dramatic decline in production across the board. Mackerel production plummeted by 72.5% compared to the previous month, while hairtail production saw an 80% decrease. Squid production also experienced a sharp decline of 91% compared to january.
These production shortfalls have directly translated to higher prices. Mackerel’s production site price jumped by 28.4%, and its consumer price increased by over 20% compared to average years. Hairtail and squid have followed a similar trend, with significant price increases at both production sites and retail markets.
Experts point to a combination of factors contributing to this decline. Adverse weather conditions limited the number of fishing days, and climate change, with rising water temperatures, has disrupted traditional fishing patterns.
In response, the Ministry of Oceans and Fisheries is taking steps to stabilize prices. They plan to release stockpiled seafood and organize discount events. The ministry also expressed optimism that production will rebound in the coming month, easing the current price pressures. Also they will be having a seafood discount event to celebrate the day of the fishermen, and a onnuri voucher cashback event.
The situation is being closely monitored as seafood remains a vital part of the Korean diet. The government and fisheries associations are working together to mitigate the impact of these price increases on consumers.
[Copyright (c) Global Economic Times. All Rights Reserved.]
