Chuseok Ancestral Rite Table Costs Up 2% YoY... "Traditional Markets 270,000 KRW · Large Marts 380,000 KRW"

Korea Price Information, Survey Based on a Family of Four

[Asia Economy Reporter Lim Chun-han] It is forecasted that the cost of Chuseok ancestral rites table this year will increase by about 2%, remaining similar to last year’s level.

On the 1st, Korea Price Information, a price survey organization, announced that as of the 31st of last month, three weeks before Chuseok, the cost of a four-person family’s ancestral rites table at traditional markets was 274,500 KRW, an increase of 1.5% (4,000 KRW) compared to last year. For large supermarkets, the cost was 383,820 KRW, which is 2.4% (9,090 KRW) higher.

Fruit prices, which surged last year due to production shortages caused by the monsoon and typhoons, continue to trade at high prices this year as well. In particular, pears have become scarce in good quality as stored inventory has been depleted, resulting in high price levels. Korea Price Information expects fruit prices to not easily decrease for the time being due to the prolonged late autumn monsoon.

Among nuts, the prices of dried persimmons and jujubes increased by 62.5% and 40.0%, respectively, at traditional markets, due to reduced production last year and decreased imports caused by the COVID-19 pandemic, which led to a decrease in supply. Among greens, prices of spinach, bracken, and balloon flower root have risen, and beef, which saw a significant price increase last year, has maintained similar prices due to the ongoing effects.

Korea Price Information explained that although prices of most items except vegetables have risen, the overall cost has become similar to last year because vegetable prices, which had surged sharply last year due to prolonged monsoons and other adverse weather conditions, have dropped by nearly half this year. However, considering that the cost of the Chuseok ancestral rites table last year had already increased by about 16% compared to 2019, the current level remains higher than average.

Korea Price Information analyzed that adverse weather conditions such as abnormal low temperatures in spring, heatwaves in summer, and autumn monsoons have continued this year, and in addition, reduced imports and labor shortages caused by the COVID-19 pandemic have also influenced the formation of high prices.

This content was produced with the assistance of AI translation services.