In September, Wholesale Prices Expected to Fall by 50% Compared to Last Year
The Ministry of Agriculture, Food and Rural Affairs recently announced on the 25th that the wholesale price of apples fell by 10.3% compared to the previous year due to the release of new apples in August.
On the 2nd, fruit was displayed at the fruit and vegetable market in Yeongdeungpo-gu, Seoul, where the consumer price inflation rate remained in the 2% range for three consecutive months, with strong prices for fruits such as apples continuing. Photo by Jo Yongjun jun21@
According to the Ministry, the wholesale price of apples (Hongro variety) from August 21 to 23 was 71,677 KRW per 10 kg, down 10.3% from 79,928 KRW the previous year, and the retail price was 29,353 KRW per 10 apples, down 11.4% from 33,139 KRW the previous year.
The authorities expect the decline to accelerate next month when the full-scale apple shipment begins. The Korea Rural Economic Institute (KREI) forecasts that next month’s wholesale price of apples will drop 54.8% year-on-year to 34,182 KRW per 10 kg, and the retail price will fall 12.5% to 26,782 KRW per 10 apples.
Pears of the early-ripening Wonhwang variety are being shipped, and the wholesale price in late August is 48,679 KRW per 15 kg, down 2.0% from the previous year. The Ministry stated, "With the wholesale price, a leading indicator, already entering a downward trend, consumer prices are also expected to decline with a time lag," adding, "When the Shingo variety, mainly consumed during Chuseok, is fully shipped, both wholesale and consumer prices are expected to stabilize."
Meanwhile, on the afternoon of the same day, Minister Song Miryung of the Ministry of Agriculture, Food and Rural Affairs plans to visit an apple orchard at a smart orchard demonstration complex located in Chuncheon-si, Gangwon Province, to check the apple crop and the progress of the 'Measures to Enhance the Competitiveness of the Fruit Industry.'
The Ministry said, "The late-ripening apples and pears such as Fuji and Shingo, which will be shipped soon, are all showing better growth conditions compared to the previous year, with apple production expected to be at the average level and pear production expected to be above average," adding, "We plan to manage thoroughly through the Fruit Growth Management Council to prevent damage caused by weather variables such as high temperatures and typhoons, as well as pests and diseases, so that the current favorable growth conditions of apples and pears can be maintained until the harvest season."
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