Chuseok One Month Away... Ancestral Rite Table Costs Soar to 300,000 Won

Among 13 Essential Goods, Prices Rise in 8 Items
Cabbage Up 98% and Radish 71%, Most Severe
Seasoning Vegetables and Livestock Products Also Showing Strong Price Increases

[Asia Economy Reporter Eunmo Koo] With Chuseok just over a month away, 60-year-old housewife Lee Hyeja is already quite worried. This is because it is the first time in two years since the 2020 Chuseok, when social distancing was fully enforced, that she is preparing for the holiday table expenses again. Lee said, "Recently, everything has gone up without exception, so it's hard to pick up items easily even when shopping," adding, "We have agreed to simplify the table as much as possible with the family, but it is difficult to skip essential items, and when my husband, the eldest of four brothers, and their families all gather, the number easily exceeds 10, which makes me sigh."

According to the Korea Agro-Fisheries & Food Trade Corporation (aT) Agricultural Products Distribution Information on the 2nd, among the 13 items designated by the government as Chuseok seasonal products this year?beef, pork, chicken, eggs, napa cabbage, radish, apple, pear, chestnut, jujube, garlic, onion, and potato?the average prices of eight items have risen compared to the same period last year.

The items with the heaviest inflation burden are leafy and root vegetables such as napa cabbage and radish. Due to recent adverse weather conditions like high temperatures, calcium deficiency and soft rot have occurred in napa cabbage, causing the price of one head of napa cabbage to jump to 6,922 won at the end of last month, up 97.7% from 3,502 won a year ago. During the same period, radish prices also rose 71.1%, from 1,861 won to 3,184 won per piece, as high temperatures caused diseases and physiological disorders, reducing shipment volumes. With prices of napa cabbage and radish shipped in August and September expected to be somewhat higher than average, the government plans to expand supply by utilizing the National Agricultural Cooperative Federation’s shipment control facilities to distribute 6,000 tons of spring napa cabbage and 2,000 tons of spring radish stockpiled in June and July.

Prices of seasoning vegetables such as onions and garlic are also rising due to reduced production. While rainfall has decreased, sunlight hours have increased, causing a reduction in weight per piece and drying of crops, leading to continued poor crop conditions. As a result, onions traded at 2,601 won per kilogram, up 39.1% from the same period last year, and garlic also increased by 11.5% to 13,661 won per kilogram.

Prices of livestock products such as beef and pork are no exception. As of the end of July, the price of beef sirloin (600g) was 83,244 won, up 5.7% from 78,756 won a year earlier, and pork ribs (600g) rose 5.1% from 7,836 won to 8,232 won during the same period. With the continued strength in livestock prices, the government plans to support slaughter fees for beef and pork and implement measures to prevent productivity decline for poultry farmers. However, supply is expected to be sufficient due to an increase in domestic livestock numbers and increased imports under tariff quotas.

While prices of seasonal products are generally rising, the fruit situation is relatively better. Apples and pears, essential items for the ancestral rites table, are expected to have ample supply this Chuseok due to increased production this year, showing favorable price levels. Fuji apples traded at 29,660 won for 10 pieces, which is 10.2% lower than the same period last year, and pears (Shingo variety, 10 pieces) also decreased by 24.1% from 53,443 won to 40,563 won. However, the proportion of products with good size and color is not high, so prices may still rise. Additionally, chestnuts and jujubes currently have good growing conditions in major production areas and sufficient storage volumes, so supply during the peak season is expected to be smooth.

Accordingly, the average cost of the Chuseok ancestral rites table this year is expected to exceed 300,000 won for the first time. According to aT, the average cost of the Chuseok table last year was 297,804 won, about 4,500 won higher than in 2020 (293,365 won). By retail type, traditional markets averaged 254,296 won, and large retail stores 341,312 won, showing that traditional markets are about 87,000 won cheaper than large retailers. aT plans to announce this year’s Chuseok table cost soon.

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