Extra! Korea

July 2, 2009

Korean food prices second-highest in OECD

Filed under: economics, food — extrakorea @ 2:51 am

Korea has the second-highest food prices in the 30-member OECD. One reason is undoubtedly the fact that Korea pays four times the global average for rice. However, about half of Korea’s remaining farmers (400,000) engage in rice farming, so importing cheaper rice would certainly hurt them. Then again, in the 1960s, 70% of Koreans were farmers. Obviously, Korea is wealthier now than then.

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