Korea Consumer Organization Council Reports 5.8% Average Increase in Essential Living Goods Prices in Q1

[Asia Economy Reporter Lim Chun-han] Amid the continuous rise in grocery prices recently, the prices of essential daily goods in the first quarter of this year increased by an average of 5.8% compared to the same period last year.

According to the Price Monitoring Center of the Korea Consumer Organization, which surveyed prices of 35 essential daily goods at 420 retail stores in Seoul and Gyeonggi Province on the 25th, prices of 32 items rose while 3 items fell in the first quarter of this year. The average price increase rate of the 32 items that rose was 6.9%.

The top 5 items with the highest price increase rates were wheat flour (15.2%), cider (14.7%), cola (13.7%), ssamjang (13.0%), and cooking oil (12.6%), with an average price increase rate of 13.8% for these items. The 3 items with price decreases were eggs (-10.6%), shampoo (-5.4%), and ham (-0.2%).

Among individual products, prices of 66 out of 78 products increased. Pepsi Cola rose by 19.1%, Gom Pyo wheat flour (all-purpose) by 17.4%, Chilsung Cider by 14.7%, 100% soybean cooking oil by 14.6%, and savory sesame oil by 14.3%, showing high increase rates. Prices of soybean cooking oil and jang (fermented paste) products, whose main raw material is soybeans, rose significantly, as did wheat flour products made from wheat.

Compared to the fourth quarter of last year, prices of 28 out of 35 items increased while 7 items decreased. The average increase rate for the rising items was 3.9%. The top 5 items with the highest increase rates were cereal (11.5%), wheat flour (10.3%), cider (8.9%), gochujang (7.4%), and doenjang (6.6%). Items with price decreases included ham (-8.1%), instant rice (-2.9%), shampoo (-2.0%), eggs (-1.1%), and orange juice (-0.8%).

The Consumer Organization stated, "Not only supply instability caused by the Russia-Ukraine war but also concerns over the U.S. wheat harvest have raised worries about the rising prices of cereal and wheat flour products made from wheat." They added, "Since cooking oil and wheat flour products are staple foods that greatly affect perceived inflation, it is time for the government to actively work on solutions."

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