Korean dining prices continue to rise

Korean dining prices continue to rise

haps Magazine Korea

The average price of eight major food service items sold in Busan, such as naengmyeon, jajangmyeon, and gimbap, has risen since the beginning of this year.

Among the eight items, the only one with the highest price increase was jajangmyeon, exceeding 10%.

According to ‘True Price’, a price information portal operated by the Korea Consumer Agency, the average price of eight popular food service items in Busan last month increased from last January.

The average price of jajangmyeon jumped 10.7% from 5,357 won in January to 5,929 won last month, recording the highest rate of increase among the eight items. Jajangmyeon was the only one that showed a double-digit increase rate.

During the same period, the average price of gimbap rose 8.6% to 2,714 won from 2,500 won, recording the second-highest rate of increase.

Samgyeopsal, Kalguksu, Samgyetang, Naengmyeon, Bibimbap, and Kimchi stew also rose in price in that order.

The sharp rise in food prices is because the increase in raw material prices such as agricultural, livestock, marine products, and processed food is accumulating, and consumption, which has been contracted due to COVID-19, is showing a recovery trend.

Russia’s invasion of Ukraine and restrictions on exports of raw materials and food by each country are further stimulating the rise in raw material prices.

According to the ‘Consumer Price Trend for June 2022’ released by the National Statistical Office, the nationwide food price index rose 8.0% last month from a year ago, recording the highest rate of increase in about 30 years since October 1992 (8.8%).

The consumer price inflation rate was 6.0%, the highest in 23 years and 7 months since November 1998 (6.8%) during the financial crisis.

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