By Kang Seung-woo
Despite the government’s all-out efforts to tame inflation, soaring fresh food prices continue to be an increasing concern. And consumers are particularly alarmed over the price of locally-produced napa cabbages ― the green, cup-shaped type of Chinese cabbage that is the main ingredient of kimchi, the staple Korean pickled side-dish.
The cabbages have become dramatically more expensive in recent weeks due to the heavy cold spell killing a significant part of the crop. This has been fueling fears of a ``kimchi crisis,’’ similar to one the country experienced just months ago, when prices rose to 15,000 won per head after an abnormally rainy September had the vegetables wilting in the fields.
According to the Korea Agro-Fisheries Trade Corp. on Friday, napa cabbages were selling at 4,242 won ($3.79) per head wholesale, up from 3,412 won in mid-December. The retail price was 4,664 won, compared to 3,594 won the previous month.
Market watchers believe that the prices still have much room to increase, and government officials feel stuck in their own version of ``Groundhog Day’’ as they prepare to inject the market with Chinese imports, just as they did last fall.
Napa cabbage is not the only fresh-food item that is seeing its price rocket. The prices of green onions and leeks gained 50 percent and 106 percent from the previous month, respectively.
The bumped-up prices of fresh food have been a problem for policymakers, who see the 21.3 percent spike in food prices this year driving a 2.9 percent rise in overall consumer prices this year.
“The continuing cold weather is impacting price tags,” said an official from the Ministry of Food, Agriculture, Forestry and Fisheries.
“In order to stabilize the supply and demand of cabbage, we plan to boost our mandatory purchase of the vegetable from 7,000 tons last year to 15,000 tons this year and expand its cultivation.”
The ministry added that it will import 2,000 tons of cabbage from China between February and April to supply it to kimchi manufacturers and wholesalers. The government will also monitor the market to see if its move to lower tariffs on imported goods is reflected in prices of consumer goods.
“The government will complete its move to impose tariff quotas on seven items including frozen mackerel and coffee beans by the end of next week,” Vice Finance Minister Yim Jong-yong said.
“We urge everyone to closely watch how the tariff reduction will be reflected in prices of products on the market,” he said.
Earlier, the government said that it will frontload its produce stockpile onto the market, while pushing to cut tariffs imposed on sugar, corn and wheat among other commodities in a manner to drive down the prices of daily products.