Food Prices Threatened: War and Super El Niño Could Push Korea’s Grocery Bills Higher
Creatrip Team
a month ago
Global food prices may surge again, raising concerns about rising grocery costs in South Korea. The World Bank warns that 2026 food-price increases will be larger than expected as the Iran war raised energy, fertilizer and packaging costs, and a possible 'super El Niño' this summer could cause extreme heat, droughts and floods that cut harvests. Key imported commodities for Korean food makers—wheat (소맥), soybeans (대두), corn, butter, cocoa and coffee—have shown large price swings over the past five years due to war and climate shocks. Wheat and soybean prices have rebounded this year, and cocoa has spiked dramatically. Past international price surges (2022–2024) led Korean firms to raise prices on cooking oil, ramen, snacks, chocolate and instant coffee, and the Bank of Korea notes that global food-price moves typically hit domestic processed-food and restaurant prices with an 8–11 month lag. Experts urge boosting domestic production capacity and farmer support to reduce vulnerability to combined geopolitical and climate risks.
