As Chuseok approaches in a month, rising prices for agricultural products due to adverse weather and a domino effect of price hikes in the food industry are increasing the burden on shoppers. Prices for vegetables commonly used in holiday meals, such as cabbage and radishes, as well as beef and chicken, are fluctuating. Additionally, price increases for processed foods are expected to continue through next month, further adding to the financial strain on consumers preparing for the holiday.
According to the Korea Agro-Fisheries & Food Trade Corporation, as of August 24, the wholesale price of medium-grade cabbage has risen to 2,461 won per head, a 50.9% increase from a month ago. The price of radishes is now 1,462 won each, up 58.7% during the same period. Green onions have increased by 16.1% to 2,073 won per kilogram, while peeled garlic has risen by 4.4% to 8,458 won per kilogram. Compared to the same period last year, cabbage is up 17.8%, radishes 15.8%, green onions 36.5%, and peeled garlic 10.2%.
The trend is similar for livestock products. The wholesale price of beef is now 22,742 won per kilogram, a 5.5% increase from last month, while chicken has risen by 8.4% to 3,876 won per kilogram. The price of eggs (30 large eggs) has decreased by 4.9% to 6,461 won compared to the previous month, but remains 11.1% higher than last year. The rising costs of vegetables, meat, and eggs used in holiday meals are significantly increasing the financial burden for Chuseok preparations.
Processed food prices are also on the rise. Factors such as high exchange rates, increased costs of raw materials and packaging, and fluctuations in naphtha prices have led food companies to adjust their prices. CJ CheilJedang raised prices by an average of 8% for 27 items across eight categories, including rice and dumplings, starting July 30. Paris Baguette has increased the recommended retail prices of 86 types of bread and 41 types of cakes and desserts by an average of 5% as of today.
Nongshim has raised the prices of major instant noodles, snacks, and beverages by an average of 6.0%, 5.5%, and 7.7%, respectively, while Pulmuone has increased the consumer prices of 30 items, including snacks and kimchi, by an average of 6.7%. Further price hikes are anticipated in September, with Dongwon F&B planning to raise prices of canned tuna and beverages by an average of 9-10% starting September 1. Samlip will also increase prices of over 50 types of bread by an average of 9% on the same day, while Paldo will raise prices of 12 types of instant noodles and nine beverages by an average of 5.5% and 5.8%, respectively. Ottogi plans to increase prices of 29 types of cup noodles by an average of 6.7% and 16 types of dumplings by an average of 7.7% starting September 7.
In response to the ongoing rise in food prices, the government is taking steps to alleviate consumer burdens through supply management and discount support. The Ministry of Agriculture, Food and Rural Affairs has secured 15,000 tons of cabbage and 6,000 tons of radishes to stabilize supply and will continue discount events of up to 40% on all vegetable products at large supermarkets and traditional markets until the peak of the Chuseok season. Additionally, major food companies are conducting discount promotions at large supermarkets, convenience stores, and e-commerce platforms throughout this month.
A food industry representative stated, "The continuous rise in costs for raw materials, packaging, and logistics is accumulating pressure on production costs. While we have absorbed these increases through production efficiencies, price adjustments for some products have become unavoidable."
* This article has been translated by AI.
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