Rising Prices of Cooking Oil and Canned Ham Cause Sighs Among Students Living Alone

Spam and Richam Convenience Store Prices to Rise from Next Month 1
Concerns Over Increased Raw Material Import Burden in Second Half

Ahead of the Spam price increase, some students living alone are expressing dissatisfaction. Spam is a side dish frequently eaten by students living alone, raising concerns that their living expenses may become even tighter. Photo by CJ CheilJedang

[Asia Economy Reporter Han Seung-gon] "Living alone is already tough financially, so this is worrying."

According to the food industry on the 26th, CJ CheilJedang will raise the price of Spam Classic (200g) from 4,480 won to 4,780 won, a 6.7% increase, starting next month on the 1st. CJ CheilJedang explained that the price adjustment is due to the price of imported pork front legs, a raw material, soaring nearly 50% from December last year to May this year.

The convenience store price of canola oil (500mL) will also increase by 29.1%, from 5,500 won to 7,100 won, and grape seed oil (500mL) will rise by 19.3%, from 8,800 won to 10,500 won. Olive oil (500mL) will increase by 12.7%, from 11,000 won to 12,400 won. The price hike of cooking oil products is an additional increase after five months since the convenience store prices were last raised in March, citing a sharp rise in raw material costs as the reason.

Dongwon F&B will also raise the price of Richam Original (200g) from 5,800 won to 6,200 won, a 6.9% increase. The price of Dongwon Tuna (100g) will rise by 10%, from 3,000 won to 3,300 won. A Dongwon F&B official said, "We had previously adjusted the prices of these two products for discount stores, but since the changes were not reflected in convenience stores, we decided to raise prices starting August 1."

Immediately, sighs mixed with concern are coming from those living alone. Processed foods like Spam are representative staples for people living alone, and the price increase is a significant burden. There is even anxiety that dairy product prices may rise due to increases in processed meat products like canned ham and sausages, as well as raw milk prices.

Ahead of consecutive processed food price hikes, there is a movement among students living alone to move back to their family homes.
[Image source=Yonhap News]

Kim, in his late 20s, said, "Working part-time and paying rent every month, price hikes in frequently consumed foods inevitably hit hard." He added, "Eventually, other products will probably go up too."

Another 20-something living alone, Choi, said, "Spam was already somewhat expensive, so I used to buy it through 'Danggeun' (a secondhand trading platform), but with the price increase, fierce competition in trading seems likely."

Earlier, prices of popular affordable dining items such as jajangmyeon, gimbap, beef, ramen, chicken, and pizza rose by more than 8-9%, making those living alone even more distressed.

According to the National Statistical Portal (KOSIS) of Statistics Korea on the 26th, the dining-out price index for the first half of this year (January to June) rose 6.7% compared to the previous year. By item, the price of samgyeopsal, a representative affordable dining menu, increased by 7.4%.

The price of jajangmyeon soared 9.1% in the first half of the year, while jjamppong rose 8.2%, and tangsuyuk increased 6.1%. Chicken prices went up 8.8%, pizza prices rose 8.4%, and prices of snacks like gimbap (9.1%), tteokbokki (8.0%), and ramen (8.6%) surged all at once.

As a result, there are complaints that some may have to give up living alone and return to their family homes. Lee, a 20-something living alone, said, "Prices have risen so much that I have no choice but to go back to my parents' home," adding, "I plan to live independently again once prices stabilize."

Some express concerns that the burden of imported raw materials for the food industry may increase further in the second half of this year. Due to the war in Ukraine, wheat and corn planting was delayed in April and May, which could push international grain prices even higher until next year. Additionally, cooking oil prices are also troubling. The price of an 18L container of cooking oil was traded at 35,000 won last year but has been traded at over 65,000 won this year. Sunflower oil, which Ukraine supplies a large portion of, has surged to 90,000 to 100,000 won.

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