Dining costs in South Korea rise for third consecutive year

By Kim Dong-young Posted : January 13, 2025, 13:49 Updated : January 13, 2025, 13:49
Kurly Food Festa 2024, held in COEX Magok on Dec. 19, 2024/ Yonhap
 
SEOUL, January 13 (AJP) - Dining costs in South Korea soared for the third straight year in 2024, climbing 3.1 percent according to data released Monday by Statistics Korea.

This marked a significant jump above the overall consumer price index, which rose 2.3 percent.

The price index for dining reached 121.01, with cafeteria prices experiencing the sharpest increase at 6.9 percent – the highest since records began in 2001.

Popular menu items saw substantial price hikes. Boxed meals led the way at 5.9 percent, followed closely by hamburgers (5.4 percent) and gimbap (5.3 percent). Other favorites like chicken and naengmyeon (Korean cold noodles) also saw significant increases, rising 4.8 percent and 4.2 percent, respectively.

Even budget-friendly options like convenience store meals were impacted, with mass-produced boxed meals and gimbap increasing by 4.9 percent and 3.7 percent, respectively.

The surge in food prices is largely attributed to reduced agricultural production. Overall, agricultural product prices rose 5.9 percent, with fruits experiencing a dramatic 16.9 percent increase and vegetables rising 8.1 percent.

"The factors affecting food prices are becoming increasingly complex and diverse, including climate change and exchange rates," said Jung Ji-yeon, secretary general of the Consumers Union of Korea. "At this rate, the food price index will continue to rise this year."

In response to rising costs, retail chains are introducing budget-friendly options, including discounted gimbap and chain buffet entries.

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