"Even Home-Cooked Meals Are a Luxury Now"... Prices of Staple Side Dishes for Ordinary People Soar in a Year

Mackerel: Catch Doubled, But Prices Rose Even Higher
Hairtail Fish Prices Also Soar
Government Responds with Stock Release and Tariff Quotas

With the prices of seafood such as mackerel and hairtail fish, which are staple side dishes for ordinary people, remaining high, concerns are rising over the cost of household meals.

According to the Fisheries Outlook Center of the Korea Maritime Institute (KMI) on August 21, the consumer price for one fresh, refrigerated mackerel last month was 4,380 won, up 28.4% from the same month last year. This is 17.9% higher than the average year. The "July Statistics Korea Consumer Price Trends" also showed that mackerel prices rose by 12.6% year-on-year, driving up the overall price of seafood.

Mackerel: Catch Doubled, But Prices Rose Even More

Seafood is displayed at a large supermarket in Seoul. Photo by Yonhap News

Notably, while the total production volume of mackerel has increased, the supply of medium and large-sized fish (over 300g), which are in high demand among domestic consumers, has dropped significantly. The cumulative mackerel production up to July this year was 77,523 tons, a 56.8% increase from the same period last year. However, only 1% of the mackerel traded at the Busan Cooperative Fish Market were medium or large-sized, marking the lowest level in the past five years.

An official from the National Federation of Fisheries Cooperatives explained, "The exact reason for the poor production of medium and large-sized mackerel has not yet been identified, but it is presumed to be due to poor growth and dispersed fish schools as a result of high sea temperatures."

Hairtail Fish Prices Also Soaring

Hairtail fish are displayed at a large supermarket in Seoul. Photo by Yonhap News

Another popular seafood, fresh refrigerated hairtail fish, was priced at 6,383 won per fish last month, 16.5% higher than the same month last year. The price of frozen hairtail fish was 5,707 won per fish last month, up 38.9% from last year and 5.5% higher than the average year. The price at production sites has remained higher than both last year and the average year since January. A Korea Maritime Institute official stated, "The volume of fresh refrigerated hairtail fish supplied to the market has decreased, causing the production site price to rise by 4.5% from the previous month. For frozen hairtail fish, prices increased as discount promotions at some large retailers ended."

Government Response: Reserve Release and Tariff Quotas

The Ministry of Oceans and Fisheries is working to stabilize the supply of popular fish species like mackerel by releasing an additional 1,100 tons of government-reserved seafood and, since last month, introducing tariff quotas on 10,000 tons of imported mackerel to expand supply. A ministry official stated, "This year, 1,448 tons of mackerel subject to tariff quotas have been released to the market, which is expected to stabilize prices. We will continue to implement measures such as additional discount events and the release of reserve stocks to further stabilize prices."