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| The average price of food in South Korea increased sharply in the fourth quarter of 2018 compared with other major advanced countries, apparently due to last year's scorching summer. Korea Times file |
The average price of food in South Korea increased sharply in the fourth quarter of 2018 compared with other major advanced countries, data showed Saturday, apparently due to last year's scorching summer.
According to data compiled by the Organization for Economic Cooperation and Development and Statistics Korea, the average price of food in South Korea rose 5.1 percent year-on-year in the October to December.
This was the second highest rise compared with other member countries of the Paris-based organization. Turkey posted the steepest growth over the cited period at 26.7 percent due to economic difficulties.
Other countries which saw sharp jumps included Mexico, Hungary and Iceland, posting increases of 4.7 percent, 4.4 percent and 4.3 percent, respectively.
The Ministry of Finance attributed the steep rises to the scorching summer last year, which had an adverse impact on crop harvests.
The ministry said prices are unlikely to grow rapidly this year unless there are unexpected factors, such as an outbreak of animal diseases. (Yonhap)
