[Report] "Eating Out? Even Home Meals Are Scary" Commoners Sigh Over Rising Grocery Prices

Rising Prices of Vegetables and Manufactured Goods...Common People Complain
Global Strengthening of 'Food Protectionism' Leads to Export Restrictions on Sugar, Cooking Oil, Wheat, and More
Dining Out Costs Soar... "Prepared to Spend 100,000 Won for a Meal with Children"
"Can't Raise Prices for Fear of Losing Regular Customers," Pleads Small Business Owner

Around 12 PM on the 25th, citizens are shopping at the vegetable section of a large supermarket in downtown Seoul. Photo by Kim Jeongwan kjw106@

[Asia Economy Reporter Kim Jung-wan] "I just sigh. Eating out is out of the question."

With prices soaring day by day, the common people's sighs over the issue of 'making a living' are deepening. Complaints continue as not only the prices of eating out but also the prices of ingredients for the dining table have risen, causing great concern. According to the Bank of Korea (BOK), the expected inflation rate reached 3.3%, the highest since October 2012. Price perception was 3.4%, the highest since January 2013.

On the afternoon of the 25th, Mrs. Lee, a housewife in her 50s met at a large supermarket in downtown Seoul, pondered for a long time in front of the vegetable section. She said, "These days, nothing hasn't gone up when I shop. I wanted to buy some potatoes and vegetables, but everything has risen," adding, "I try to save as much as possible by cooking at home, but eating out is out of the question, and even home-cooked meals are scary." She continued, "I wonder if it makes sense that it's hard to even eat a home-cooked meal at these prices. The economy is tough, so it has become like this, but I hope measures will be taken soon."

According to the 'May Consumer Sentiment Survey' announced by the BOK on the 24th, the expected inflation rate, which is the consumer price increase rate expected by consumers for the next year, rose by 0.2 percentage points (P) from 3.1% in April to 3.3%. This is the highest figure in 9 years and 7 months since October 2012 (3.3%).

The 'price perception,' which means the consumer price increase rate subjectively felt by consumers over the past year, also rose by 0.2%P to 3.4%, marking the highest record in 9 years and 4 months since January 2013 (3.4%).

Also, according to Statistics Korea on the 24th, consumer prices in April rose by 4.8% compared to a year ago. Among them, the price increases of vegetables were notable: young radish (58.6%), cabbage (29.1%), spinach (28.5%), perilla leaves (21.7%), radish (15.6%), cucumber (14.3%), napa cabbage (7.7%), lettuce (6.3%), and tomato (4.8%).

Around 12 PM on the 25th, citizens are shopping at the vegetable section of a large supermarket in downtown Seoul. Photo by Kim Jeongwan kjw106@

Meanwhile, complaints also arise that the prices of processed food products among ingredients are particularly burdensome. Mr. Choi, in his 40s with two children, said, "Market prices are fluctuating so much that overall it's tough, but especially the prices of sesame oil, cooking oil, and flour have risen the most," adding, "These are essential ingredients, so the price increase is burdensome, and it's frustrating not knowing when it will stabilize."

As the Russian invasion of Ukraine triggered a global food crisis, countries worldwide began export restrictions on sugar, cooking oil, wheat, etc., strengthening 'food protectionism,' and consumer perception of domestic food prices seems to be rising as well.

With Ukraine and Russia, which account for more than 25% of global wheat exports, reducing their supply to the international market, the Indian government abruptly banned wheat exports starting from the 13th to stabilize the domestic market. Furthermore, on the 24th, Bloomberg News reported citing sources that "the Indian government plans to limit sugar exports to 10 million tons until September."

Earlier, Indonesia also banned exports of crude palm oil and most of its derivatives used for cooking oil on the 28th of last month. Due to rising palm oil prices in the international market and the price surge caused by Russia's invasion of Ukraine this year, cooking oil prices rose and shortages occurred. However, Indonesian President Joko Widodo announced on the 23rd that palm oil exports would resume as domestic cooking oil prices stabilized and farmers' opposition intensified.

Around 12 PM on the 25th, citizens are shopping at the meat section of a large supermarket in downtown Seoul. Photo by Kim Jeongwan kjw106@

Prices for eating out have also soared. According to the Korea Consumer Agency's True Price data, as of April, the price of one serving of samgyeopsal (pork belly) in Seoul was 14,538 won, up 4.4% from 13,923 won in the same month two years ago. The price of naengmyeon (cold noodles) in Seoul rose 9.5% in one year to 10,192 won, jajangmyeon (black bean noodles) increased 14.1% surpassing 6,000 won, and kalguksu (knife-cut noodles) rose 10.8% exceeding 8,000 won.

Office worker Mr. Park (50) said, "When I go out to eat with my kids, I prepare to spend about 100,000 won," adding, "Wasn't pork a commoner's food? I sometimes feel empty wondering how it got this expensive."

Self-employed people also complain about the rising prices of ingredients. Mr. Kim (55), who runs a samgyeopsal restaurant in Eunpyeong-gu, Seoul, said, "Meat prices have gone up a lot. Small restaurants like ours rely on regular customers, so we can't raise prices recklessly. Imported products have also all gone up, so there's no dependence," adding, "We have to raise prices to make a profit, but for now, we're just watching." He added, "We shouldn't blame one thing; a multifaceted approach is needed," he lamented.

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