Shoppers stunned as seafood staple reaches record-breaking prices — and the trend shows no signs of stopping

The rise of global temperatures is hitting economies differently around the world. In South Korea, prices of squid, mackerel, and anchovies are soaring after falling catch rates, Maeil Business Newspaper reported. 

What's happening?

As the ocean habitats surrounding Korea become hotter, many species of fish are struggling to reproduce, and populations that do survive can easily become overfished. 

For example, the supply of a particular type of squid, which the outlet referred to as "flesh squid," saw a 42% reduction in 2024 than the year prior. Compared to five years ago, the supply has dropped 74%, according to Maeil Business Newspaper, a Korean economic news outlet also known as MK. 

If you ever took an economics class, you probably remember that demand outweighing supply means one big thing — higher prices. 

In this case, the price of squid is now over 54% higher than the historical average, earning it the nickname "gold squid" among shoppers. Price tags on mackerel and anchovies, as well as other fish like hairtail and pollock, are all facing similar shortages and inflation, MK reported. 

Why is fish inflation important?

More expensive goods put a strain on the entire food system, from farmers and fishers to grocery stores and consumers. As a result of high prices, people may opt for cheaper, more processed foods and get fewer fresh, healthy foods in their diets. 

Not to mention the fact that the root cause of high prices — lower supply — also means the entire ecosystems that struggling species live in are also feeling the pain. 

What's being done about fish supply in Korea?

There is no easy answer for the nation's Ministry of Oceans and Fisheries to stabilize the seafood economy without addressing the issue of overheating waters. 

However, the governmental body is setting up a system for predicting the ebbs and flows of production levels and prices in an effort to better manage the volatility. It also hired a research group to document the changes occurring in marine environments. 

"The purpose is to produce long-term marine climate prediction scenarios by monitoring climate factors such as water temperature, sea level, salt, and ocean currents," a ministry official explained, per MK. 

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On your end, you don't have to feel too defeated when staring down those eye-popping prices in the grocery aisles. With a little prep work, you can shop smarter, not harder. Growing your own veggies is another neat way to save on your food bill.

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