Will This Lunar New Year Bring Relief... Most Prices Fall Except for Hanwoo Beef

[Image source=Yonhap News]

[Asia Economy Reporter Seungjin Lee] Last year, the cost of setting up the Seol ancestral rites table reached an all-time high due to the impact of COVID-19 and other factors, but this year it is expected to ease somewhat. This is due to the prices of major ingredients such as apples and pears, excluding Korean beef (Hanwoo), dropping by nearly 10% compared to last year.

According to the Korea Agro-Fisheries & Food Trade Corporation (aT) on the 6th, the price of 10 apples was around 25,800 won, which is 7.5% lower than the same period last year. The price of 10 pears also recorded around 36,900 won, 9.2% lower than last year. Due to improved crop conditions this year and increased production, fruit prices have fallen, leading to a reduction in the price of fruit gift sets for Seol. Emart lowered the prices of pear and apple gift sets by up to 20% this year.

In seafood, the price of dried yellow corvina (gulbi) gift sets fell by up to 5%. According to the Korea Maritime Institute’s Fisheries Outlook Center, as of November last year, the farm price of 1kg of yellow corvina was 10,730 won, about 2% lower than the same period the previous year. Although yellow corvina production decreased last year, prices fell due to increased inventory caused by good catches since 2020 and sluggish consumption due to COVID-19.

The price of rice cake soup (tteokguk) rice cakes is also expected to decline. Last year, rice prices hit a record high of around 60,000 won, causing rice cake prices to rise across the board. In contrast, this year, rice prices have stabilized, falling by nearly 10% compared to the previous year, so rice cake prices are expected to be lower than last year. Additionally, prices of major vegetables used on the ancestral rites table have dropped by up to nearly 20% compared to last year.

On the other hand, Hanwoo prices have risen compared to last year. The price of 100g of Hanwoo brisket is around 8,500 won, 8% more expensive than last year. The price of 100g of Hanwoo sirloin also increased by 8% to around 6,100 won. Due to increased demand as Seol approaches, Hanwoo prices are likely to rise further.

Therefore, the cost of the Seol ancestral rites table this year (based on a simplified table) is expected to be about 100,000 won, similar to the level of Seol in 2020. Last year, the cost of the Seol ancestral rites table was about 120,000 won.

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