"Consumer Coupons Also Spurred"..'30,000 Won Watermelon', '7,000 Won Cabbage'..Soaring Table Prices

[Financial News] The retail price of watermelons, once called 'golden watermelons', dropped to the 20,000 won range but rose back to the 30,000 won range in just two trading days. Cabbage prices also exceeded 7,000 won, showing a pattern of fluctuating prices for fruits and vegetables that frequently appear on the table. It is analyzed that the volatility in agricultural product prices was exacerbated by temporary demand increases due to weather anomalies such as heatwaves and heavy rains, and the effect of the livelihood recovery support fund. 
According to the Korea Agro-Fisheries & Food Trade Corporation's Agricultural Products Distribution Information (KAMIS) on the 19th, the average retail price of watermelons that day was 30,296 won per piece, up 1.29% from the previous day. It first entered the 30,000 won range at the end of last month, then fell to the 20,000 won range on the 14th (29,712 won) and the 18th (29,910 won), before re-entering the 30,000 won range. It is 3.52% cheaper than the previous year but 11.18% higher compared to the average year.
This year, watermelon prices have continued to rise due to poor harvests caused by heatwaves and heavy rains. On the 31st of last month, the price surged to 33,533 won. However, after dropping to 33,337 won on the 1st, it continued to fall, appearing to stabilize at 29,712 won on the 14th. Yet, as watermelon prices rise again, consumer burdens are increasing. With increased watermelon consumption due to weather anomalies and the livelihood recovery support fund, a price drop to the average level is unlikely in the near future. 
In fact, according to the Korea Rural Economic Institute's Agricultural Observation Center, a survey on watermelon purchase intentions following the distribution of the livelihood recovery support fund showed that 56.4% of respondents planned to 'increase consumption'. The Agricultural Observation Center predicted that "as watermelon consumption increases, prices will rise compared to the previous year despite increased supply."
The price volatility of peaches, a seasonal summer fruit, is also increasing. Peaches, considered an alternative to watermelons, have seen price increases due to poor harvests, pushing up watermelon prices as well. The retail price of peaches (white peach, 10 pieces) was 19,980 won on the 30th of last month, rising to 23,476 won on the 7th. After the price increase subsided, it fell to 22,685 won on the 18th, but recorded 23,042 won that day, up 1.57% from the previous day.
Cabbage prices are also fluctuating. The average retail price of one cabbage that day was 7,019 won, up 8.6% from the previous year, breaking the 7,000 won mark again. Compared to the average year, it is 10.27% higher.
Cabbage prices were 3,320 won as of the 3rd of last month, but surged to 6,114 won on the 1st of the following month, entering the 7,000 won range. The month-on-month increase rate reached 52.13%. An official from the Agricultural Observation Center predicted that "price volatility will be significant depending on the supply volume and weather conditions in production areas such as Gangwon-do."
Meanwhile, the retail price of radishes (product, 1 piece) was 2,567 won, 18.66% cheaper than the previous year, and cabbages (1 piece) were 4,333 won, 1.07% lower than the previous year. Tomatoes (product, 1kg) were 5,610 won, up 11.89% from the previous year.


ssuccu@fnnews.com Kim Seoyeon Reporter