Rising Prices Hurting Common People Ahead of Chuseok... Egg Prices 20% Higher Than Average

Lee Eokwon, 1st Vice Minister of the Ministry of Economy and Finance, Chairs Price-Related Vice Ministers' Meeting: "Careful Management of Major Agricultural, Livestock, and Fishery Product Prices After Chuseok"

Eggs are currently being sold at a large supermarket in Seoul. Photo by Mun Ho-nam munonam@

[Sejong=Asia Economy reporters Son Seon-hee and Moon Chae-seok] With the Chuseok holiday just around the corner, egg prices, which the government had promised to control since the beginning of the year, remain stuck at around 6,500 won. Prices of major food items such as pork and rice are also higher than average, and fruit prices like apples and pears, which seemed to stabilize, have risen again this month due to increased demand for seasonal products just before the holiday. The prolonged COVID-19 pandemic combined with high inflation is expected to make this holiday even more difficult for ordinary citizens struggling financially.

According to the Korea Agro-Fisheries & Food Trade Corporation (aT) on the 17th, the price of eggs was recorded at 6,503 won (for 30 special-grade eggs) as of the previous day. This is about 18% higher than the average of recent years (excluding the highest and lowest values over the past five years) and about 14% higher than last year. Egg prices surged sharply from the beginning of the year due to the avian influenza (AI) outbreak at the end of last year, reaching the high 7,000 won range at one point. Although the number of laying hens partially recovered in the second half of the year and imported egg volumes increased, causing prices to ease somewhat, the government’s year-round “all-out effort to control egg prices” failed to bring prices back to average levels.

Rice, a staple food for the public, is also on a high price trajectory. As of the previous day, rice was priced at 55,191 won (20kg), about 16% higher than the average price of 47,524 won. Compared to last year, it rose about 5%. Pork prices were 2,631 won (per 100g of Samgyeopsal), about 23% higher than average.

For fruits such as apples and pears, despite the government’s concentrated efforts to increase supply this month, prices have been rising daily as last-minute demand for seasonal products surged with the approach of the holiday. The price of apples (Hongro variety) was 24,546 won for 10 pieces on the 1st, but rose by more than 2,000 won within just two weeks, reaching 26,604 won as of the previous day. Pear prices also showed an upward trend this month, recording 32,815 won (for 10 pieces) as of the previous day. Napa cabbage prices rose nearly 20% this month, with the price per head jumping to 5,549 won.

Lee Eok-won, First Vice Minister of Strategy and Finance (second from the right), is presiding over the 27th Vice Ministerial Meeting on Prices at the Government Seoul Office on the morning of the 17th. 2021.9.17 Photo by Yonhap News

Lee Eok-won, First Vice Minister of the Ministry of Economy and Finance, chaired a price-related vice ministerial meeting a day before the Chuseok holiday and said, “We are strengthening efforts to stabilize prices through daily monitoring of each item and on-site visits to ensure that the prices of Chuseok seasonal products do not burden the public.” He added, “After Chuseok, we will closely monitor the price trends of major agricultural, livestock, and fishery products and manage them carefully.”

However, contrary to the government’s explanation that prices would stabilize in the second half of the year, consumer price indices rose by 2.6% last month, indicating ongoing price uncertainties. The annual inflation rate is also expected to remain in the 2% range. Kim Tae-gi, a professor of economics at Dankook University, said, “The government’s idea of raising the minimum wage as well as prices of agricultural, livestock, and fishery products but only trying to control prices of essential goods is a naive approach. The COVID-19 situation is still ongoing, and the government’s policy will is weak, so the high inflation trend is likely to continue for the time being.”

The Ministry of Economy and Finance analyzed in the “Recent Economic Trends for September” released that day, “Concerns about inflation persist,” and “The improvement in real economic indicators has somewhat slowed due to the spread of the Delta variant.”

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