The average price of foodstuff in South Korea increased sharply in the fourth quarter of 2018 compared with other major advanced countries, data showed Saturday, apparently due to the scorching summer heat last year.
According to the data compiled by the Organization for Economic Cooperation and Development and Statistics Korea, the average price of foodstuff in South Korea went up 5.1 percent on-year in the October-December period of 2018.
It marked the second highest rise compared with other member countries of the Paris-based organization. Turkey posted the steepest growth over the cited period at 26.7 percent due to its economic hurdles.
Other countries with sharp jumps in the average price included Mexico, Hungary and Iceland, posting increases of 4.7 percent, 4.4 percent and 4.3 percent over the period, respectively.
South Korea’s finance ministry attributed the steep rises to the scorching summer heat observed last year, which had an adverse impact on crop harvests.
The ministry said the price is unlikely to grow rapidly down the road unless there are unexpected factors, such as an outbreak of animal diseases this year. (Yonhap)