[The Editors' Verdict] "Family Month" Crushed by Inflation Fears

Rising Prices Increase Holiday Spending Burden
Price Stabilization Measures Needed for Livelihoods

May, known as the "Family Month," is packed with commemorative days such as Children's Day (5th), Parents' Day (8th), Teachers' Day (15th), and Couples' Day (21st), and it has returned without fail this year as well. It is a special month to express gratitude and love to those we appreciate, but for some, Family Month is not a welcome time. Due to increased spending compared to usual, it can become a "month of dread" for some. Especially for ordinary people who live frugally amid rising prices, it inevitably becomes a heavy burden.

According to a survey conducted by the job portal Incruit in 2021 targeting 868 office workers about their "Family Month spending plans," 78.1%, or four out of five respondents, felt burdened by the expenses during Family Month. The survey found that office workers spend more than 480,000 KRW extra during Family Month compared to usual. While the average monthly expenditure of office workers is about 970,000 KRW, the expected spending in May jumped sharply to an average of 1,550,000 KRW. Since prices have risen compared to two years ago and various COVID-19 restrictions have been lifted, significant changes are expected, and average spending is likely to increase further.

According to the March consumer price trends released by Statistics Korea, fees for amusement parks and kids' cafes, which showed a 0% increase last year, have recently surged, rising 2.4% compared to a year ago. This is the highest increase in one year and seven months since September 2019 (2.4%). For example, Everland raised its annual and daily (all-day) admission fees by up to 15.4% starting last month. The all-day ticket price is 68,000 KRW, so a family of four (adults/youth basis) would need a total of 272,000 KRW to visit Everland.

The rise in dining-out prices is also significant. According to the Korea Consumer Agency's "True Price," the average prices of eight representative dining-out items in Seoul, including pork belly, samgyetang (ginseng chicken soup), and cold noodles, increased by 7.5% to 16.3% compared to a year ago. Pork belly (based on 200g) averaged 19,236 KRW, up 12.1% from a year ago. For a family of four dining out with four servings of pork belly, meals, and alcoholic beverages, the cost easily exceeds 100,000 KRW. Chicken, known as the "national snack," is approaching the 30,000 KRW era, and dishes like samgyetang, cold noodles, and bibimbap are nearing 20,000 KRW per bowl.

That's not all. Prices of groceries have also risen, making home cooking burdensome. Egg prices have surged about 40% due to a shortage of laying hens caused by the spread of avian influenza (AI) and show no signs of falling. The price of green onions, which sparked the "Patech" trend of growing green onions at home, has nearly tripled compared to a year ago.

The problem is that prices for dining out and groceries may rise further. Recently, pork and chicken prices have increased significantly. According to the Livestock Products Quality Evaluation Service's livestock distribution information, the retail price of pork belly was 24,750 KRW per kilogram as of the 1st, up 9.7% from 22,560 KRW a month ago. Chicken prices also rose 3.0% to 6,250 KRW per kilogram.

Above all, there is uncertainty about when the government-controlled price bombs for electricity, gas, and other fuels will explode. In such a case, a rebound in prices, which have been declining, is also expected. Price stability is an urgent task that must be addressed for the livelihood of the people and economic recovery. The government must prepare detailed measures and implement them swiftly. Political cooperation is also necessary.

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