As tensions escalate between the US and Iran, South Korea is experiencing a sharp rise in the cost of agricultural and marine products, adding to the financial strain on consumers already grappling with soaring energy prices. Recent data from the Korea Agro-Fisheries & Food Trade Corporation shows that the price of rice has surged by 13.7% over the past year, reaching 62,889 won for a 20 kg bag. Rice prices have remained high since surpassing 65,000 won last November, exacerbated by reduced cultivation areas and government measures to fortify rice prices.

Meat prices are also on the rise, with beef increasing by 6.3% to 10,558 won per 100 grams. Factors contributing to this increase include a reduction in the number of cattle raised by farmers to counteract previously low prices and reduced slaughter rates. Additionally, various animal diseases, including African Swine Fever (ASF) and Highly Pathogenic Avian Influenza (AI), have driven up pork and chicken prices by 6.8% and 7.9%, respectively. The price of special eggs has risen by 13.4%, while marine products, particularly seabas, have seen price increases of over 20% due to decreased catch volumes.

While certain vegetable prices remain stable due to increased cultivation and favorable growing conditions, the long-term outlook is uncertain, especially if the conflict persists. Key fertilizer-producing countries, such as Iran, Saudi Arabia, and Qatar, export their products through the Strait of Hormuz. Any prolonged closure of this vital shipping lane could result in a spike in fertilizer prices, further impacting agricultural production and prices. Authorities in South Korea have indicated they will closely monitor the situation as fertilizer supply becomes crucial in the upcoming spring months, especially as stored supplies may diminish by April or May.