CNN Highlights Soaring Chicken Prices in Korea... "Half-Price Chicken Open Run at Marts"

Recently, a large supermarket in Seoul has been selling whole chickens at affordable prices. Photo by Yonhap News

[Asia Economy Reporter Moon Hyewon] Chicken, considered a popular affordable food in South Korea, has recently seen its price soar due to inflation, according to the American media CNN on the 16th (local time).

CNN introduced an online video capturing the scene of people rushing to the chicken counter at a large supermarket right at opening time to buy chicken priced at 6,900 won. The video showed that as soon as the supermarket opened at exactly 10 a.m., people hurried across the store directly to the chicken sales counter.

CNN reported, “Consumers flock to supermarkets because chicken is sold at less than half the market price,” adding, “One large supermarket held a week-long event offering chicken at nearly 50% off and sold 60,000 pieces.” It interpreted that these large supermarkets can offer such drastic chicken sales because they benefit from economies of scale and can leverage their bargaining power to demand lower prices from suppliers.

According to the market research firm Euromonitor, last year, the revenue generated by chicken restaurants in South Korea was $7.9 billion (approximately 11 trillion won), ranking third after the United States and China.

In the 'August Consumer Price Trends' announced by the Korean government, chicken prices rose by 11.4% compared to the same period last year, showing a larger increase than other dining categories such as kimchi stew or raw fish.

The sharp rise in chicken prices is mainly attributed to the significant increase in raw material costs such as wheat and sunflower oil due to the Ukraine war and global supply shortages.

Park Yujin, an analyst at Euromonitor, pointed out, “We have reached a situation where people have to pay 30,000 won to eat a simple food like chicken,” adding, “Chicken, which used to be a comforting food for Koreans, is no longer something they order easily without hesitation.”

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