Russian wheat grain in a warehouse operated by OAO Khleboprodukt Serebryanye Prudy in Serebryanye Prudy, near Ryazan, Russia. (Bloomberg)
South Korea's import prices of grains have jumped nearly 50 percent over the past two years to a near nine-year high amid the prolonged coronavirus pandemic, data showed Wednesday.
Prices of imported grains came to $386 per ton in February, up 26 percent from a year earlier and 47.4 percent from two years earlier, according to the data from the Korea Customs Service and industry sources.
The February per-ton import price represented the highest level since it reached $388 in May 2013.
Last month, Asia's fourth-largest economy imported 1.96 million tons of wheat, corn and other grains, which were valued at $758.3 million.
Import prices of grains hovered below the $300 mark in 2020, but they have been on a steady increase since breaking the $300 level a year earlier.
Industry watchers said international grain prices have been running high due to a pandemic-caused supply chain bottleneck and poor output in major grain-producing nations.
By grain, the per-ton import price of wheat stood at $369 in February, up 37.3 percent from a year earlier and 46.6 percent from two years earlier.
Import prices of corn surged 40.1 percent on-year to $335 last month, which was up 63.4 percent from the same month in 2020.
Soaring grain import prices have prompted local food companies to jack up their product prices, imposing a greater burden on consumers.
Analysts said the upturn in imported grain prices is expected to continue for the time being in the wake of Russia's invasion of Ukraine. (Yonhap)
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