Egg Prices Top 5,000 Won in South Korea Amid 'Heatflation'

South Korea is facing significant pressure on household budgets as prices for essential agricultural products, including eggs and chicken, continue to climb. The average retail price for a carton of 10 large eggs has now exceeded 5,000 won, marking a historic high.

This surge in egg prices, reaching 5,222 won for a 10-egg carton in early July, represents a 38.6% increase from the same month last year and a 16.7% rise from the previous month. This is the first time the monthly average consumer price for large eggs has broken the 5,000 won threshold since related statistics began in 2022. The price of broiler chicken has also seen a substantial increase, rising 19.4% year-on-year to 6,650 won per kilogram.

The primary driver behind these price hikes is a significant supply shortage. The lingering effects of highly pathogenic avian influenza (HPAI) outbreaks last winter led to the culling of many laying hens. Additionally, efforts to improve farming density have also contributed to reduced supply. Compounding these issues, unseasonably early and intense heatwaves, a phenomenon termed 'heatflation,' are further straining production and supply chains.

Experts predict that the summer months will pose the greatest challenge for price stabilization efforts. The combination of reduced production capacity and increased demand for cooling foods like samgyetang (ginseng chicken soup) during the hot weather is expected to keep food prices elevated, posing a significant concern for consumers.