Average Cost of Lunar New Year Ancestral Ritual Supplies This Year 284,000 Won... 3.7% Increase

[Asia Economy Reporter Lim Chun-han] A survey has revealed that the cost of preparing the Lunar New Year ancestral rites table this year has increased by 3.7% compared to last year.

On the 14th, the Price Monitoring Center of the Korea Consumer Agency announced that after surveying the prices of 25 Lunar New Year ritual items at 90 markets and retail stores across 25 districts in Seoul from the 10th to 11th of this month, the average purchase cost (for four people) was found to be 283,923 KRW.

By distribution type, the average purchase cost at traditional markets was the lowest at 225,834 KRW, followed by general supermarkets (242,998 KRW), large discount stores (283,389 KRW), corporate supermarkets (296,423 KRW), and department stores (408,501 KRW). Purchasing at traditional markets was on average 20.3% cheaper than at large discount stores.

In particular, vegetables and forest products were 32.2% cheaper, and livestock products were 23.0% cheaper. Apart from processed foods, almost all items were less expensive when purchased at traditional markets. However, for processed foods such as flour and tofu (excluding cooking oil), prices at large discount stores were on average 12.7% cheaper than at traditional markets, and prices at department stores were also 11.9% cheaper than at traditional markets.

By item, seafood prices rose 10.2% compared to last year, and among livestock products, minced pork and hind legs increased by 29.6%, while pork for boiled meat and neck belly rose by 10.4%. The item with the highest increase was yellow croaker, which rose by 30.8%, while pears fell by 16.5%, marking the largest decrease. Among processed foods, flour and cooking oil, which are basic ingredients for preparing the Lunar New Year table, increased by 18.7% and 18.1%, respectively.

The agency stated, "Regarding yellow croaker and pork, which showed significant price increases in this survey among the government's 16 major seasonal items, more efforts are needed to secure supply and ensure smooth distribution."

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