Korean Consumer Price Association "Seol Charyesang Cost Expected at 233,750 Won... 11% Increase from Last Year"

[Image source=Yonhap News]

[Asia Economy Reporter Lim Chun-han] An analysis revealed that the cost of preparing the Lunar New Year ancestral rites table this year is more than 10% higher than last year.

According to the Korea Price Association on the 21st, a survey was conducted on the prices of 29 ritual items including fruits, nuts, and greens at eight traditional markets in six major cities nationwide?Seoul, Incheon, Busan, Daegu, Gwangju, and Daejeon. The cost of the Lunar New Year ancestral rites table for a family of four was 233,750 KRW, an increase of 11.0% (23,160 KRW) compared to last year’s Lunar New Year, the association announced on the 22nd.

Among the surveyed items, prices of 21 items rose while 7 items decreased. Among fruits, the price of apples increased by 22.3% based on five premium-grade apples, and pears rose by 12.5%.

Among nuts, prices of chestnuts and jujubes increased. The average cost of purchasing 1kg of chestnuts was 8,070 KRW, up 2.4% from 7,880 KRW at last year’s Lunar New Year, and the price of 400g of jujubes rose by 12.1%. However, the price of dried persimmons (10 pieces per package) fell by 6.5%.

Greens also saw price increases due to reduced harvests caused by recent cold waves and other factors. The price of one bunch of green onions doubled compared to last year, and spinach and balloon flower root (doraji) were traded at prices 32.0% and 8.6% higher, respectively. The price of radish dropped by 35.7%.

For meats, prices of beef (400g of soup-cut brisket) and pork (1kg of boiled pork neck belly) rose by 25.7% and 17.6%, respectively, compared to last year’s Lunar New Year.

The Price Association stated, "With increased demand for home-cooked meals due to the COVID-19 pandemic, combined with poor harvests, adverse weather, and livestock epidemics, the supply of ritual items has not been smooth," adding, "The burden of Lunar New Year ritual costs is expected to increase somewhat."