Korea: Milk Prices Rose at the Fastest Pace Since 2009 in 2023
Source: The DairyNews
Milk prices increased by approximately ten percent last year, marking the fastest growth in 14 years since the global financial crisis in 2009.
According to data from the Korean Statistical Office published on Thursday, the consumer price index for milk in 2023 reached 118.13 points, which is nine-tenths of a percent higher than the previous year.
This is the largest increase in 14 years since 2009 when it rose by 19.1 percentage points. The growth, at two and eight-tenths times, exceeds the overall inflation rate of three and six-tenths percent last year.
Against the backdrop of rising milk prices, prices for dairy products also reached a record high last year.
Prices for fermented dairy products increased by 12.5 percentage points in 2023, marking the largest growth in 42 years since 1981 when prices rose by 18.4 percentage points. Meanwhile, cheese prices jumped by 19.5 percentage points, the highest increase in 15 years since 2008.
Ice cream prices also rose by a significant 10.8 percent last year, marking the highest growth in the past 15 years.
This is the largest increase in 14 years since 2009 when it rose by 19.1 percentage points. The growth, at two and eight-tenths times, exceeds the overall inflation rate of three and six-tenths percent last year.
Against the backdrop of rising milk prices, prices for dairy products also reached a record high last year.
Prices for fermented dairy products increased by 12.5 percentage points in 2023, marking the largest growth in 42 years since 1981 when prices rose by 18.4 percentage points. Meanwhile, cheese prices jumped by 19.5 percentage points, the highest increase in 15 years since 2008.
Ice cream prices also rose by a significant 10.8 percent last year, marking the highest growth in the past 15 years.
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