As Chuseok approaches in a month, rising prices for agricultural products due to adverse weather and a domino effect of price increases in processed foods are putting pressure on consumers' grocery bills. Prices for vegetables commonly used in holiday meals, such as cabbage and radish, as well as beef and chicken, are on the rise, and further increases in processed food prices are expected through next month, adding to the burden for 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 radish is now 1,462 won each, up 58.7% during the same period, while green onion prices have increased by 16.1% to 2,073 won per kilogram, and peeled garlic is up 4.4% to 8,458 won per kilogram. Compared to the same period last year, cabbage is 17.8% more expensive, radish is up 15.8%, green onions have risen 36.5%, and peeled garlic is 10.2% higher.
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 prices have risen 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 it remains 11.1% higher than the same time last year. The rising costs of vegetables, meat, and eggs used for holiday meals are increasing the financial burden on consumers.
In addition, the prices of processed foods, which are staples for many households, are also on the rise. The combination of 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% on 27 items across eight categories, including cooked 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% starting today.
Nongshim has raised the average prices of its major cup noodles, snacks, and beverages by 6.0%, 5.5%, and 7.7%, respectively, while Pulmuone has increased the consumer prices of 30 items, including snacks, kimchi, and dumplings, by an average of 6.7%. Additionally, from September 1, Dongwon F&B will raise prices on some products, including canned tuna and beverages, by an average of 9-10%. Samlip will also increase prices on over 50 types of bread by an average of 9% on the same day, while Paldo will raise the prices of 12 types of cup noodles and nine beverages by an average of 5.5% and 5.8%, respectively. Ottogi plans to increase prices on 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.
As food prices continue to rise, 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 radish to stabilize supply and will continue discount events of up to 40% on all vegetable items 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 representative from the food industry stated, "The rising costs of raw materials, packaging, and logistics are continuously accumulating. While we have tried to absorb these cost increases through production efficiency, some products inevitably require price adjustments."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.