Core Insights - A global food price surge driven by climate change is affecting various regions, with extreme weather events leading to significant price increases in food commodities [1][2][3] Group 1: Food Price Increases - Extreme weather events have been directly linked to sharp increases in food prices, with examples including a 50% rise in olive oil prices in Spain and an 89% increase in onion prices in India following severe weather [1][2] - In South Korea, the average price of a watermelon reached 29,115 KRW (approximately 151 RMB), a 22.5% increase from the previous week and a 36.5% year-on-year rise, due to extreme heat and rainfall affecting supply [1] - The price of eggs in South Korea has also surged, with a 30-pack retail price exceeding 7,000 KRW (approximately 36.3 RMB), marking a recent high [2] Group 2: Impact on Agriculture - Climate change poses significant challenges to agriculture, with predictions of major crop shortages for staples like rice, soybeans, corn, and potatoes due to rising temperatures and extreme weather [2][3] - Research indicates that crop yields are stable within a temperature range of 20 to 30 degrees Celsius, but will decline significantly outside this range [2] Group 3: Global Trade Effects - Food price shocks are spreading through global trade networks, as seen when droughts in Ghana and Côte d'Ivoire led to a threefold increase in cocoa prices in the UK, subsequently raising chocolate prices [2] - Policies that exacerbate climate impacts, such as export bans during crises, can lead to global price surges, as demonstrated by Russia's wheat export ban in 2010 [3] Group 4: Inflation Challenges - Central banks face new challenges in controlling inflation, particularly in emerging economies where food constitutes a significant portion of the consumer price index (CPI) [4] - Japan's core CPI, excluding fresh food, rose by 3.3% year-on-year in June, indicating persistent price pressures linked to food costs [5] - The UK also reported a surprising rise in inflation to 3.6% in June, attributed in part to rising food prices [5]

Core Insights - South Korea is experiencing "heatflation" due to unusually high temperatures, leading to significant increases in agricultural product prices [1] Price Increases - The average price of watermelon has approached 30,000 KRW (approximately 156 RMB), with a weekly price surge of 22.5% from July 4 to July 11 [1] - The price of napa cabbage rose to an average of 4,309 KRW (approximately 22.4 RMB), marking a 27.4% increase from the previous week [1] - Other summer crops, such as radishes, saw a price increase of 15.8% within the same week [1] Seasonal Fruits and Poultry - The price of summer seasonal fruit, cantaloupe, reached 10,076 KRW (approximately 52.3 RMB) on July 11, reflecting a year-on-year increase of 21.7% [1] - White peaches sold for 23,097 KRW (approximately 120.1 RMB) per box (10 pieces), showing a year-on-year rise of 10.3% [1] - Chicken, which sees high demand during the traditional "Sambok" period, is priced at 6,070 KRW (approximately 31.6 RMB) per kilogram, an 11% increase compared to the past month [1]