Prices Surge as Heatwave Grips the Market: The Growing Threat of "Heatflation"

[Anchor]

Vegetable prices have risen significantly compared to last month due to the prolonged heatwave. Concerns are growing that inflation may continue to rise because of the extreme weather.

Here is the report by Reporter Hong Yeongjae.

[Reporter]

Lee Young-hee runs a restaurant at a traditional market in Seoul.

Lately, she worries every time she goes grocery shopping.

[Lee Young-hee / Restaurant Owner: I was buying these vegetables at the market this morning, and do you know what the vendor said? They told me, "Prices went up massively today."]---

Due to the prolonged heatwave, the prices of heat-vulnerable vegetables have risen across the board, with cucumbers—a key ingredient for gimbap—surging 59% compared to a month ago.

The price of zucchini, used as a garnish for kalguksu (knife-cut noodles), jumped 46% over the past month, while onions rose 10% and carrots 9%.

As crop yields worsened due to the heatwave and drought, wholesale prices for napa cabbage nearly doubled.

[Jang Gwi-bong / Vegetable Vendor: It's so hot that they aren't growing properly; they're just rotting. Items like this used to cost around 2,500 won per bundle, but now they are 5,000 or 6,000 won—almost double.]

Spinach prices have also doubled, and because it easily wilts in the heat, vendors cannot even display it outside.

[Jang Gwi-bong / Vegetable Vendor: Spinach melts in the hot weather, so it's impossible to keep out. We wrap it in newspaper and only provide it to customers who specifically ask for it.]

Seasonal fruits have not escaped the impact of the heatwave either.

Watermelon prices rose 13% over the past month, and peaches are getting so soft from the heat that it is difficult to sell them at proper prices.

[Geum Cheol-su / Fruit Vendor: When the peaches arrive and you touch them, they feel warm. They've absorbed the heat, so we have to sell them quickly. By the afternoon, we sell them with almost no margin.]

As so-called "heatflation"—inflation driven by extreme heat—pushes prices up, consumers' shopping baskets are getting lighter.

[Hong Seon-ja / Yangcheon-gu, Seoul: Vegetables, young napa cabbage, young summer radish, and napa cabbage have all gone up a lot. It's too burdensome to buy them, so we end up looking for cheaper alternatives.]

The government stated that recent vegetable prices remain relatively low compared to typical years, and announced plans to ease the burden on consumers by offering up to 40% government-backed discounts at major supermarkets and traditional markets leading up to the Chuseok holiday season.

(Video footage by Kim Hak-mo | Video editing by Park Ji-in | Design by Hwang Se-yeon)
※ Please note: This article was translated by AI and may contain errors.