"Chuseok? I'll Just Work Part-Time" - Youth Giving Up Returning Home Due to High Prices

July Consumer Price Index Up 6.3% Year-on-Year
Prices of Dining Out and Food Ingredients Both Rise... 'One Meal' Also a Burden
Exam Fees Increasing One After Another
"Must Earn Even One More Won During Chuseok Holiday"

With the Chuseok holiday about a month away, some young people are giving up on returning home due to the high cost of living and are opting for short-term part-time jobs instead. The photo is not related to the specific content of the article. [Image source=Yonhap News]

[Asia Economy Reporter Kim Jung-wan] #. Kang (26), a job seeker, is looking for a short-term part-time job to work during the upcoming Chuseok holiday next month. Kang recently tightened his belt by packing lunchboxes and studying with used books, but he said that the burden of living expenses has hardly decreased due to the continuously rising prices. He said, "I feel sorry to ask my parents for money as my job search has been prolonged," adding, "There are many part-time jobs that pay extra during Chuseok, so this year I plan to earn some money during the holiday." He added with a bitter smile, "It's partly to earn money and partly because of the heavy burden of job hunting, about half and half."

As prices continue to rise daily, the burden on consumers has increased, and the relatively economically vulnerable youth have also felt the strain. The cost of dining out has reached its highest level in 30 years, and exam fees have risen one after another, increasing the financial burden. Given this situation, some young people are giving up returning home for Chuseok, which is about a month away, and are trying to earn even a little more through short-term part-time jobs.

According to the 'July Consumer Price Trends' announced by Statistics Korea, the consumer price index last month was 108.74 (2020=100), up 6.3% compared to the same period last year. This is the highest figure in 24 years since November 1998 (6.8%), when prices surged due to a sharp rise in exchange rates following the foreign exchange crisis. Prices for dining out, agricultural and marine products, and public utility charges rose overall, leading to this upward trend in consumer prices.

Some shops in the Cupbap Street of the Noryangjin academy district in Seoul were temporarily closed during lunchtime on June 28.
[Image source=Yonhap News]

The cost of dining out has risen sharply, increasing the burden of 'one meal.' The price of dining out rose 8.4% compared to the same period last year, reaching the highest level in 29 years and 9 months since October 1992 (8.8%). This was due to cumulative increases in ingredient costs caused by soaring international oil and grain prices and a surge in dining demand following the lifting of social distancing measures. The dining out price increase rate, which was 2.0% in March last year compared to the previous year, rose to 6.2% in February this year, entering the 6% range, then rose to the 8% range in June, peaking in July.

Compared to a year ago, the price increase rates for about one-third of items showed double digits, including △Galbitang (12.6%) △Jajangmyeon (11.9%) △Chicken (11.4%) △Lunchbox (11.3%) △Samgyeopsal (11.2%) △Gimbap (11.1%) △Sashimi (10.7%) △Ramen (10.5%) △Haejang-guk (10.5%) △Tteokbokki (10.5%) △Pork ribs (10.4%) △Donkatsu (10.1%) △Kalguksu (10.1%).

Even reducing dining out did not lessen the burden of food prices at the table. Sim (29), a second-year office worker, said he does not eat delivery food and has minimized dining out, but is worried as the prices of ingredients rise day by day. He said, "I am surprised every time I see the vegetable prices at the mart," adding, "Even though I have greatly reduced dining out, I feel my wallet getting thinner." Last month, vegetable prices surged 25.9%, and agricultural and marine products rose 7.1%.

The burden on young people has increased as food prices and even exam fees have risen one after another. The photo is not related to the specific content of the article.

Rising exam fees have also weighed heavily on young people. Last month, the TOEIC Speaking test fee increased by 9.0%, from 77,000 won to 84,000 won. In addition, the HSK IBT test fee for level 5 rose 15.7% to 110,000 won since March. The IELTS fee increased by 3.0% to 273,000 won since April. Taking multiple tests or purchasing study materials to improve scores results in even higher costs.

Although there is about a month left, some have already scheduled part-time jobs during the Chuseok holiday. Kim (28), who has often worked as a promoter at a department store wine corner, said he has already arranged his work schedule through an acquaintance. Kim said, "Having some experience in promotional part-time jobs, it feels bittersweet, but since this holiday is a peak season, I volunteered to work first," adding, "The exact schedule is not fixed yet, but I will probably work as many days as possible." He added, "I have to earn even a little more."

Meanwhile, the impact of rising prices is expected to be reflected during Chuseok as well. On the 1st, Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho forecasted, "Considering various situations, I think the price peak will be around the end of September or at the latest in October." The next day, Prime Minister Han Duck-soo said, "The ongoing heatwave is causing concerns about crop damage, and the earlier-than-usual Chuseok is expected to increase the burden on ordinary people," adding, "The Ministry of Economy and Finance, Ministry of Agriculture, Food and Rural Affairs, and related ministries should prepare this Chuseok livelihood measures more proactively and substantively than ever before." He also added, "Stabilizing people's livelihoods is the top priority, and the President, Deputy Prime Minister for Economy, and all ministers are mobilizing all policy tools."

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