Flour food prices are also rising… eating out
Last month, imported wheat prices broke the $400 mark for the first time in 13 years. In the aftermath of Russia’s invasion of Ukraine, wheat prices continue to soar, increasing pressure on food prices to rise.
According to the Korea Customs Service on the 20th, the price of imported wheat last month was $402 per ton. This is an increase of 8.8% from a month ago, the highest since December 2008 in 13 years and 3 months. It is the first time since the end of 2008 that the price per ton exceeded $400. The prolonged crisis in Ukraine, a rise in the won-dollar exchange rate, and a rise in sea freight rates are believed to have had an impact.
International wheat futures prices have continued to surge, exceeding $450 per ton at the beginning of last month. The price of wheat closed at $403.81 per ton on the Chicago Futures Exchange (CBOT) on the 19th. Compared to a year ago, it jumped by 68.5%. Russia and Ukraine account for about 30% of global wheat exports.
As wheat prices soar, so are the prices of foods that use a lot of flour. According to the price information portal of the Korea Consumer Agency, the average price of kalguksu in Seoul last month was 8,115 won (per serving), up 8.8% from a year ago. The price of kalguksu exceeded 8,000 won for the first time since 2014 when related statistics were compiled. The prices of naengmyeon and jajangmyeon in Seoul also rose 9.7% and 9.4%, respectively, over the past year.
Sejong = Reporter Park Hee-chang ramblas@donga.com