Rising food and restaurant prices increasing consumer burden ahead of Chuseok in Korea

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Ahead of Chuseok, food prices keep rising, adding pressure on consumers in Korea.

Prices for household staples like curry and ketchup, as well as restaurant meals such as burgers and coffee, rose sharply.

On August 30, Ottogi raised prices for several products, including a 15% increase for pepper and a 6% hike for ketchup.

Daesang followed, raising prices for Jongga Kimchi by 10%. Beverage brands Coca-Cola and Maeil Dairies also increased prices by up to 11%.

Restaurant prices similarly rose as Lotteria raised burger prices by 2%, and Krispy Kreme hiked prices by 4%. KFC and Popeyes implemented dual pricing, with higher delivery prices.

Despite these increases, Korea Price Information projected a 2% decrease in the cost of an ancestral rites table for Chuseok, citing lower prices for rice and livestock.

However, the Korea Price Association reported a 9.1% rise in traditional market costs this year.