Explainer: Why do food prices in S. Korea keep going up?
Updated: 2021-11-25 07:29:59 KST
The rise in oil and raw material costs has led to a rise in production prices.
And that is also affecting the consumer prices.
"I'm at Myeong-il traditional market in Seoul to find out whether people here can also sense the rise in food prices."
"Prices of water parsley, seasoned pigweed, pepper leaves, pepper, eggplant and cucumber have all gone up."
For meat as well, one vendor said, there's not much revenue left considering the amount they pay for beef and pork.
"Well, livestock farmers will be having a hard time producing because of the rise in the cost of feed. I can understand that. The price of Hanwoo, or Korean beef went up by 20 percent on-year. So, people buy less because it's pricey."
And another concern is that now is the time for South Korean families to gather together and do 'kimjang' making lots of kimchi to store ahead of the long winter.
But the cost of making kimchi has soared compared to the previous year.
"There are not many cabbages so it's more expensive so there are many people who can't do kimjang. Others do it with radish. But, I still did kimjang with 36 cabbages. Three cabbages were 10-thousand won last year, but this year, they were 18-thousand. It was 8-thousand won more expensive while their condition was worse. But, I still had to do it for my children."
The wholesale price of cabbage stands at 3213 won, which is an increase of more than 48 percent on-year.
Experts say the price of cabbage went up because of the weather as well as an outbreak of a bacterial soft rot.
Even garlic is 8425 won per kilogram and that's a roughly 30 percent increase on-year.
Amid surging global oil prices, all of South Korea's cities and provinces saw a rise in consumer prices in the third quarter of this year.
Data released by Statistics Korea on Monday shows that the consumer price index in Q3 edged up 2.6 percent from a year ago.
That is the biggest increase in nine-and-a-half years.
Inflation was the worst in Jeollabuk-do Province and Jeju Island, at 3.2 percent.
But Seoul's rises were smaller as they were offset by the reduced cost of utilities.
Jang Tae-hyun, Arirang News.