Milk prices increased about ten percent last year, growing at the steepest pace in 14 years since the global financial crisis in 2009.

According to Statistics Korea on Thursday, the consumer price index of milk came to 118-point-13 in 2023, up nine-point-nine percent from a year earlier. 

That’s the largest gain in 14 years since 2009 when it rose 19-point-one percent. The growth is two-point-eight times last year’s overall inflation rate of three-point-six percent.

With the rise of milk prices, prices of dairy products also posted record-high increases last year. 

Fermented milk prices increased 12-point-five percent in 2023, the largest gain in 42 years since 1981 when prices grew 18-point-four percent, while cheese prices jumped 19-point-five percent to post the largest gain in 15 years since 2008.

Ice cream prices also increased ten-point-eight percent last year, the largest growth in 15 years.