Seol Charyesang Cost: Market 300,000 Won · Mart 400,000 Won... "Most Expensive Ever"
by Kwon Jaehee
Published 12 Jan.2025 09:30(KST)
Updated 13 Jan.2025 06:28(KST)
Korea Price Information Survey Results
Abnormal Weather Drives Up Fruit and Vegetable Prices
Radish and Napa Cabbage Prices Also Surge
Recent years have seen soaring prices of fruits and vegetables due to abnormal weather conditions, resulting in the highest-ever cost for the Lunar New Year ancestral rites table, according to a survey.
According to Korea Price Information on the 12th, as of the 10th, the cost of the Lunar New Year ancestral rites table (for 4 people) was surveyed at 302,500 KRW in traditional markets and 409,510 KRW in large supermarkets. This represents an increase of 6.7% and 7.2% respectively compared to last year, marking the most expensive level ever recorded.
This outcome is attributed to the rising prices of fruits and vegetables caused by abnormal weather conditions.
According to the price information, the cost of shopping for the ancestral rites table is 35.4% more expensive in large supermarkets than in traditional markets. This amount does not include government discounts or retailer promotions.
When shopping for the Lunar New Year ancestral rites table in traditional markets, fruit prices rose by 57.9% and vegetable prices by 32% compared to last year. Prices of other items such as wild greens, seafood, and traditional sweets like yakgwa and yugwa remained unchanged from last year.
For fruits, the price of three Busa apples increased by 20%, from 15,000 KRW last year to 18,000 KRW this year, and the price of three pears doubled from 13,500 KRW to 27,000 KRW.
The price information stated, "Fruit prices rose again this year due to bad weather, following last year. Last year, apple prices increased, while this year, pear prices have risen."
In traditional markets, the price of one radish doubled from 2,000 KRW last year to 4,000 KRW, and a head of napa cabbage rose by 75.0%, from 4,000 KRW to 7,000 KRW.
Radish and napa cabbage prices increased due to reduced production caused by poor growth last summer, combined with early harvesting to ensure stable supply during the kimchi-making season, and a recent cold wave that decreased supply.
The price of one zucchini remained the same at 2,500 KRW, while a bundle of green onions dropped by 25.0%, from 4,000 KRW to 3,000 KRW.
For livestock products, prices of beef, pork, and eggs remained unchanged, while the price of ceremonial chicken (1.5 kg) increased by 12.5%.
When shopping for the Lunar New Year ancestral rites table at large supermarkets, prices of fruits and vegetables rose by 48.9% and 26.4% respectively compared to last year. Prices of wild greens and seafood increased by 15.5% and 4.9% respectively.
According to the price information survey, fruit and vegetable prices at large supermarkets increased by 48.9% and 26.4% respectively compared to last year.
The price of three Busa apples at large supermarkets rose by 7.4% to 21,240 KRW this year, and the price of three pears doubled from 17,970 KRW to 34,960 KRW.
The price of one radish increased by 84.4% to 4,500 KRW, and a head of napa cabbage rose by 74.8% to 6,800 KRW.
However, these figures do not reflect the 'Lunar New Year measures' announced by the government on the 9th, so there may be differences from actual prices.
The government is investing a record 90 billion KRW to reduce the burden of shopping for this Lunar New Year by allowing agricultural, livestock, and seafood products to be purchased at up to half price.
Agricultural and livestock products can be purchased at up to 40% off, including a 20% government discount and a 20% discount from producers and retailers. Seafood products can be bought at up to 50% off, combining a 20% government discount and up to a 30% retailer discount.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.